What Is Standard Tax Deduction For 2024. Standard deductionthe standard deduction reduces a taxpayer’s taxable income by a set amount determined by. Standard deduction in the new tax regime will be increased from rs 50,000 to rs 75,000, finance minister nirmala sitharaman said tuesday as she announced the.

For 2024, the additional standard deduction amount for the aged or the blind is $1,550. The standard deduction for family pensioners has also increased from ₹15,000 to ₹25,000.