2024 Tax Rates And Standard Deductions Chart. Your average tax rate is 10.94% and your. The government changed the income tax laws under the new tax regime in the july 2024 budget, increasing its attractiveness compared to the old tax regime.this was done by changing the income tax slabs to reduce tax payable, hiking the standard deduction to rs 75,000 and increasing the deduction to 14% on employer's contribution.

If you earned $75,000 in 2023 and file as a single taxpayer, taking the standard deduction of $13,850 will reduce your taxable income to $61,150. You pay tax as a percentage of your income in layers called tax brackets.