What Is Standard Tax Deduction For 2024 Tax. Last time, the standard deduction was hiked to rs 50,000 in interim budget 2019 (effective from april 1, 2019). The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025.

The standard deduction is a specific dollar amount that filers can subtract from their adjusted gross income. Last time, the standard deduction was hiked to rs 50,000 in interim budget 2019 (effective from april 1, 2019).