Standard Deduction For 2024 Tax Year. The internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket for the income you earn in 2024. As a result of changes in slab rates (tax impact 10000) and amount of standard deduction (tax impact 7500), a salaried employee in the new tax regime stands to save up to rs.
Most taxpayers now qualify for the standard deduction, but there are some important details involving itemized deductions that people should keep in mind. 1,50,000 12 is the aggregate of the deduction that may be claimed under sections 80c, 80ccc and 80ccd.
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