2024 Mileage Deduction Rate In India

2024 Mileage Deduction Rate In India. The portion of the business standard mileage rate treated as depreciation is 27 cents per mile for 2020, 26 cents per mile for 2021 and 2022, 28 cents per mile for 2023, and 30 cents per mile for 2024. Beginning january 1, 2024, the standard mileage rates for the use of a car (which includes vans, pickups and panel trucks) is:

The standard mileage deduction rose to 67 cents per mile, up 1.5 cents from 2023. The change will go into effect for the 2024 tax year on taxes filed in 2025.