Standard Deduction For 2024 Tax Year. Current tax slabs under the new tax regime: The standard deduction is increasing by more than 5% for 2024 income tax returns, which will be filed in 2025.
The standard deduction is increasing by more than 5% for 2024 income tax returns, which will be filed in 2025. The change is one of several annual adjustments that the irs makes for.