2024 Standard Deduction Amount. The other ~10% itemize deductions when their total deductions exceed the standard deduction. This enhanced deduction is now available to individual taxpayers receiving family pensions.

In fiscal year 2021, property taxes comprised 30 percent of total state and local tax a tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general. Also, standard deduction limit for family pensioners have been hiked to rs 25,000 from rs 15,000.