What Is The Standard Deduction For 2024. The standard deduction is a fixed amount that taxpayers can deduct from their gross income without needing to provide detailed expense proofs. The higher standard deduction of rs.75,000 means anybody with an annual income of rs.7.75 lakh will not have to pay any tax.

The standard deduction rose in 2024. The 2024 standard deduction is $14,600 for single filers, $29,200 for joint filers and $21,900 for heads of household.