2024 Income Tax Standard Deduction Over 65. A handful of tax provisions, including the standard deduction and tax brackets, will see new limits and thresholds. Seniors over age 65 have access to an additional $1,850 standard deduction on top of their base rate, which helps reduce taxable income and gives them more financial security in retirement.
The budget 2024 announced a rs.25,000 hike in the standard deduction under the new regime. You deduct an amount from your income before you calculate taxes.