Standard Tax Deduction 2024 For Seniors. Budget 2024 has made changes in the deductions in the new tax regime. The withholding tax rate on mutual fund income for resident individuals has been set at 10%.however, if the annual income from mutual funds exceeds rs.
If an employee does not opt for the old tax regime initially, their employer will deduct tax (tds) according to the default new tax regime. Your standard deduction consists of the sum of the basic standard deduction and any additional standard deduction amounts for age and/or blindness.