2024 Standard Deduction Head Of Household Salary. Standard deduction of rs 40,000 per year for salaried individuals was reintroduced in budget 2018, replacing two earlier deductions—travel allowance (rs. In a bid to give a boost to salaried taxpayers, finance minister nirmala sitharaman on tuesday increased the standard deduction limit from 50,000 to 75,000.

Standard deduction of rs 40,000 per year for salaried individuals was reintroduced in budget 2018, replacing two earlier deductions—travel allowance (rs 19,200) and. Here are the standard deduction amounts set by the irs: