What Is The Standard Deduction For 2024 Taxes. The standard deduction is the most common tax deduction used to reduce taxpayers' taxable income, which results in a. The standard deduction is a flat amount deducted from your taxable income, reducing the amount of income on which you're taxed.
As opposed to rs.50,000 before. Make new tax regime the default tax regime for the assessee being an individual, huf, aop.