Standard Tax Deduction 2024 For Seniors. For 2023, the standard deduction amount has been increased for all filers. 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.

Single or married filing separately—$13,850. 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.