2024 Standard Tax Deduction Amount. A deduction reduces the amount of a taxpayer's income that's subject to tax, generally reducing the amount of tax the individual may have to pay. This follows last year's hike in tcs on large remittances to 20% and the proposal for travelers to.

A deduction reduces the amount of a taxpayer’s income that’s subject to tax, generally reducing the amount of tax the individual may have to pay. On the standard deduction, the finance minister has kept in mind also the retired employee who are getting pension.