Standard Tax Deduction 2024 For Seniors Store. Section 194p of the income tax act, 1961 provides conditions for exempting senior citizens from filing income tax returns aged 75 years and above. No tax if income is up to โน7.
For 2025, the standard deduction will rise by $400 to $15,000 for single filers, $800 to $30,000 for married couples filing jointly, and $600 to $22,500 for heads of household. They can claim a deduction of rs 75,000 from their gross.
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