2024 Standard Deduction For Seniors Over 65. The standard deduction is the fixed amount the. Seniors over the age of 65 who file taxes can take advantage of an increased standard deduction in 2023 and 2024.
Section 194p of the income tax act, 1961 provides conditions for exempting senior citizens from filing income tax returns aged 75 years and above. Generally, seniors who are single or head of household must be 65 or older by the end of the tax year.