What Is Standard Tax Deduction For 2024 Income. If an employee does not opt for the old tax regime initially,. The marginal rates — 10%, 12%, 22%, 24%, 32%, 35% and 37% — remain unchanged from 2023.
Budget 2024 income tax changes: The standard tax deduction is a set amount that taxpayers are automatically allowed to deduct from their taxable income, thus lowering their total tax owed.