2024 Tax Rates And Deductions For Seniors. Once the specified bank, as mentioned above, deducts tax for senior citizens above 75 years of age, there will be no requirement to furnish income tax returns by senior citizens. Standard deduction limit for family pensioners hiked to rs 25,000 from rs 15,000.

Through finance act 2023, the government has changed income tax rates under the new tax regime for taxpayers, including senior citizens. Section 194p is applicable from 1st april 2021.