2024 Standard Tax Deduction For Seniors In India. Section 194p is applicable from 1st april 2021. The government of india levies additional charges on individual taxpayers (irrespective of age) whose annual income exceeds inr 50 lakh.

Understanding the income tax slab rates and available deductions can significantly affect tax planning and overall financial health. Senior citizens can benefit from the standard deduction of rs 50,000, which was introduced in the budget 2020.