2024 Standard Tax Deduction For Seniors In India. In the case of dependent seniors, a deduction of up to rs.1 lakh can be claimed for critical illnesses that have been specified previously. Currently, individuals aged 60 years or above are subjected to the same tax slabs as younger taxpayers.

Seniors can also claim a standard deduction of up to rs 50,000 against pension income, just like general taxpayers. Section 194p of the income tax act, 1961 provides conditions.