Standard Deduction For 2024 For Seniors 2024 . The standard deduction amounts for 2024 have increased to $14,600 for single filers, $29,200 for joint filers and $21,900 for heads of household. The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed.
The standard deduction limit for family pensioners has been increased to rs 25,000 from rs 15,000. Section 194p is applicable from 1st april 2021.
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