Standard Tax Deduction 2024 Single Senior. The standard deduction is a specific dollar amount that reduces the amount of income on which you're taxed. For the 2024 tax year, the standard deduction will increase by $750 for single filers and those married filing separately, $1,500 for married filing jointly, and $1,100 for.
Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024. For 2023, the standard deduction amount has been increased for all filers.