What Is Standard Tax Deduction For 2024 Tax. The irs on thursday announced higher federal income tax brackets and standard deductions for 2024. Extended the benefit of standard deduction now up to rs.50000 under new tax regime now to all salaried individuals also as available under old tax regime;

If an employee does not opt for the old tax regime initially,. The standard deduction, tax bracket ranges , other deductions, and phaseouts are.