2024 Standard Tax Deduction For Seniors 2024. The standard deduction amounts will increase to $14,600 for individuals and married couples filing separately, representing an increase of $750 from 2023. — the internal revenue service (irs) adjusts tax brackets for inflation each year, and because inflation remains high, it’s possible you could fall into a lower bracket for the income you earn in 2024.
Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior citizens. This means your total taxable salary income will now get reduced by ₹75,000 (instead of ₹50,000) to calculate your annual taxable income.