2024 Tax Standard Deduction Amount. The standard deduction for salaried individuals reduces your taxable income by a fixed amount, thereby lowering the total income on which you are taxed. If you itemize your deductions for a taxable year on schedule a (form 1040), itemized deductions, you may be able to deduct the.

Income tax slabs relaxed from incomes up to rs 10 lakh. The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2).