Standard Deduction 2024. Finance minister nirmala sitharaman said that new tax regime slabs will be changed and standard tax deduction increased from 50,000 to 75,000. The 2024 standard deduction is $14,600 for single filers, $29,200 for joint filers and $21,900 for heads of household.

Also, deduction on family pension for pensioners is proposed to be enhanced from rs 15,000 to rs 25,000 under the new tax. I noticed in this month’s tax sheet that the standard deduction is still ₹50,000.