Income Tax Standard Deduction 2024 25. For comparison, the standard deduction amounts for single taxpayers and married taxpayers filing separately was $14,600 in 2024. Budget 2024 has hiked the standard deduction limit from rs 50,000 to rs 75,000 under the new income tax regime.

How much of your income is above your personal allowance; For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023;