Standard Deduction For 2024 Tax Year. Single taxpayers and married individuals. 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.

Employees can claim a standard deduction of up to ₹ 50,000 in a financial year against any taxable income categorized under salaries. this deduction applies to the salary. As per official irs information, the standard deduction amounts for the 2024 tax year are: