Standard Deduction 2024 Married In India. For tax year 2024, the standard deduction is $14,600 if you file as single or married filing separately. Nirmala sitharaman's budget 2024 raises standard deduction to rs 75,000 for salaried individuals and pensioners, and rs 25,000 for family pensioners.
The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total. The standard deduction is a specific dollar amount that reduces the amount of income on which you’re taxed.