2024 Standard Deductions And Tax Rates. Top rate of 37% will increase to 39.6%; For single taxpayers and married individuals filing separately for tax year 2025, the standard deduction rises to $15,000 for 2025, an increase of $400 from.
Deduct up to ₹1.5 lakh by investing in ppf, epf, elss, life insurance, etc. In 2024, the income limits for every tax bracket and all filers will be adjusted for inflation and will be as follows (table 1).