2024 Standard Deduction For Seniors In India. Seniors are hopeful that budget 2024 will raise the basic exemption limit to at least inr 7 lakh per annum. Section 194p is applicable from 1st april 2021.

What is the 2024 federal standard deduction for seniors nomi tallou, india is projected to have over 14.4 crore elderly individuals by. Senior citizens can benefit from the standard deduction of rs 50,000, which was introduced in the budget 2020.