2024 Standard Deduction Mfs. For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; Here are a few key areas to consider — including charitable donations, medical deductions, and how your mortgage figures into your taxes.

Maturity proceeds from life insurance policies issued on or after april 1, 2023, for which the total premium exceeds rs 5 lakh, will be taxed. From hiking the standard deduction limit in the new tax regime to tweaking tax slabs to simplifying capital gains tax — budget 2024 has changed a host of tax rules that will impact your investments.