Standard Deduction For 2024 Tax Year . Standard deduction limit for family pensioners hiked to rs 25,000 from rs. Standard deduction and personal exemption.
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. If you expect to claim the standard deduction on your 2024 tax return, enter the amount on line 2a.
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