Clovis Demetris

2024 Standard Deduction Single Senior. Finance minister nirmala sitharaman announced an increase in the standard deduction for salaried individuals from ₹50,000 to ₹75,000 in budget 2024, offering further relief to salaried. The standard deduction is a flat amount that reduces your taxable income and potentially your tax bill.

For the 2023 tax year (for forms you file in 2024), the standard deduction is $13,850 for single filers and married couples filing separately, $27,700 for married couples. People who are age 65 and over have a higher standard deduction than the basic standard.