You can use the 2023 standard deduction tables near the end of this publication to figure your standard deduction. Your standard deduction depends on your filing status, age and whether a taxpayer is blind.
Standard deduction was introduced in the union budget 2018. Earlier, the standard deduction was rs.40,000.
Earlier, The Standard Deduction Was Rs.40,000.
37% for individual single taxpayers.
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When will standard deduction under new tax regime apply?
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When Will Standard Deduction Under New Tax Regime Apply?
Taxpayers 65 and older and those who are blind can claim an additional standard deduction.
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The standard deduction is the dollar amount youโre allowed to take on your tax return to reduce your overall taxable income.
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