How Much Is The Standard Deduction For 2024

How Much Is The Standard Deduction For 2024. The withholding tax rate on mutual fund income for resident individuals has been set at 10%.however, if the annual income from mutual funds exceeds rs. You deduct an amount from your income before you calculate taxes.

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 heads of household. 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 2024 union budget.