Tax Brackets 2024 Standard Deduction. There are seven federal tax brackets for tax year 2024. C) deduction on employer's contribution to nps account is available up to 10% of basic salary (14% for government employees).

While the actual percentages of the tax brackets will remain the same until 2025 because of the tax. Tax rates report, giving you an early look at what brackets and other key tax figures will look like in 2024.