Income Tax Standard Deduction 2024. The state does tax retirement income, but allows seniors to exclude $41,110 of their distributions. Budget 2024 has hiked the standard deduction limit from rs 50,000 to rs 75,000 under the new income tax regime.

The standard deduction under the new income tax regime has been hiked from rs 50,000 to rs 75,000. Standard deduction limit for salaried and pensioners hiked to rs 75,000 from rs 50,000.