Standard Deduction For 2024 Income. How much is the standard deduction for 2024? Some of the key budget expectations include a hike in the standard deduction limit, an increase in the basic exemption limit in the new income tax regime, and.

The irs on thursday announced higher federal income tax brackets and standard deductions for 2024. Finance minister has announced a hike in the standard deduction amount in new tax regime hiked to rs 75000 in budget 2024.