2024 Tax Rates And Standard Deductions. Standard deduction and personal exemption. After the recent budget has announced an enhancement in the standard deduction by rs 25,000 to rs 75,0000, the new tax regime will be more lucrative for the.
Taxpayers can now choose to pay income tax at lower rates under the new tax regime slabs on the condition that they withdraw from being considered for specific. And for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of.