2024 Standard Tax Deduction For Seniors Over 70

2024 Standard Tax Deduction For Seniors Over 70. According to section 80d of the income tax act, senior citizens may avail a higher deduction of up to ₹ 50,000 for payment of premium towards medical insurance policy. Tax return for seniors, was introduced.

The amt exemption amount for tax year 2024 for single filers is $85,700 and begins to phase out at. The current exemption limit for senior folks (aged 60 to 80 years) is ₹ 3.