The standard deduction reduces the amount of your taxable income—the IRS has increased it in 2023 and 2024, which could result in a lower tax bill for many Americans.
Interim Budget 2024 key announcements for common man: The government plans to boost infrastructure spending by 11% in the upcoming fiscal year while keeping the fiscal deficit in check. Finance Minister Nirmala Sitharaman outlined initiatives for the next five years, including increased housing and enhanced medical care for women. The government aims to reduce the fiscal deficit to 5.1% in the next financial year. Sitharaman allocated Rs 11.1 lakh crore to capital spending, a notable 11.1% increase. She also announced the launch of the Housing for Middle Class scheme and the promotion of Cervical Cancer Vaccination for girls aged 9-14 years.