Standard Deduction For 2024 Income Tax. Tax policy and the 2024 elections, compares harris’s and trump’s respective tax plans and addresses the expiring tcja provisions. Changes in the individual income tax.

The budget has widened two income tax slabs and increased the standard deduction from rs.50,000 to rs.75,000 under the new regime. Currently, the new tax regime offers following tax benefits to the taxpayers: