The basic standard deduction in 2023 and 2024 are: You can claim a standard deduction to reduce your taxable income as well as an additional deduction if you are age 65 or older and/or blind.
$14,600 for unmarried individuals other than surviving spouses and heads of households; Higher standard deduction for age (65 or older).
In Addition, There Is No Additional Nc Standard Deduction Amount For Taxpayers Who Are Age 65 Or Older Or Blind.
$14,600 for unmarried individuals other than surviving spouses and heads of households;
If You Are Allowed To Claim The Standard Deduction And Your 2024 Adjusted Gross Income Is Greater Than $232,500 ($116,250 If Married Filing Separately), You Will Need To Complete The Appropriate Worksheet To Determine Your Standard Deduction Amount.
Section 194p is applicable from 1st april 2021.
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Section 194P Is Applicable From 1St April 2021.
You pay tax as a percentage of your income in layers called tax brackets.