What Is The Standard Deduction For 2024 Hoh. The standard deduction will increase by $750 for single filers and by $1,500 for joint filers (table 2). If you are age 65 or older, you may increase your standard deduction by $1,950 if you file single or head of household.

While the standard deduction was hiked to rs 50,000 in subsequent budgets, ltcg taxes remained the same. About 90% of all taxpayers take.