Standard Tax Deduction 2024 Over 65. Nirmala sitharaman's budget 2024 raises standard deduction to rs 75,000 for salaried individuals and pensioners, and rs 25,000 for family pensioners. The tax brackets, standard deduction, and the capital gains tax cutoff point for single and married filing jointly filing statuses will go up in 2025.

Taxpayers get a higher standard deduction when they turn 65 or are blind. Compare deductions to choose the best regime.