How Much Is The Standard Deduction For 2024 Calendar. Fm increased the standard deduction by 50% to ₹75,000 and adjusted tax slabs under the new income tax regime to benefit salaried individuals. Standard deduction of rs 40,000 per year for salaried individuals was reintroduced in budget 2018, replacing two earlier deductions—travel allowance (rs 19,200) and medical.
In 2025, the standard deduction increases to $12,500 (from $4,500) for single taxpayers and those who are married but filing separately. People who are age 65 and over have a higher standard deduction than the basic standard.
