Standard Deduction 2024 For Seniors Over 70. The primary difference lies in the basic exemption ceiling, which denotes the maximum amount. If you are 65 or older or blind, you can claim an additional standard deduction.

The standard deduction for seniors is rs.50,000, as per the most current revisions to the income tax act. Acknowledging the financial challenges seniors face, especially with rising inflation and healthcare costs, policymakers may consider increasing the standard deduction to inr 200,000 for senior.