Standard Tax Deduction 2024 India Over 65. In this article we have discussed income tax deduction available to taxpayers from various sources of income for a.y. It's $3,100 per qualifying individual if.

The standard deduction for seniors is rs.50,000, as per the most current revisions to the income tax act. The standard deduction for salaried individuals reduces your taxable income by a fixed amount, thereby lowering the total income on which you are taxed.