2024 Tax Rates And Brackets For Seniors

2024 Tax Rates And Brackets For Seniors. Your bracket depends on your taxable income and filing status. Single filers will see an increase of $750 and joint filers will receive a $1,500 bump in their standard.

The new tax regime, introduced in the union budget 2020, offers lower tax rates but fewer deductions. The income tax exemption limit is up to ₹3 lakh for senior citizens aged 60 to less than 80 years.