Standard Deduction For 2024 Tax Return

Standard Deduction For 2024 Tax Return. The standard deduction for tax year 2024 is $14,600 for singles, $29,200 for joint filers and $21,900 for heads of household. The finance act sections 1 to 99 (page 1 to 54) amends income tax act, section 158 (page 68 to 69) amends prohibition of benami property transactions act and section 164 (page 70 to 71) amends black money act.

D) family pensioners can claim standard deduction of rs 15,000 from their family pension. A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay.