What is the tax exemption for senior citizens?
As per the latest changes in the Income Tax Act, the standard deduction for senior citizens is ₹50,000. As per the latest changes in the Income Tax Act, the standard deduction for senior citizens is ₹50,000.
What is the standard deduction for senior citizens in 2020?
Standard deduction amount increased. The amounts are: Single or Married filing separately—$12,550. Married filing jointly or Qualifying widow(er)—$25,100. Head of household—$18,800.
What are additional deductions for age 65 and older?
Additional Standard Deduction – You’re allowed an additional deduction if you’re age 65 or older at the end of the tax year. You’re considered to be 65 on the day before your 65th birthday. You’re allowed an additional deduction for blindness if you’re blind on the last day of the tax year.
How does the standard deduction change with age?
In general, the standard deduction is adjusted each year for inflation and varies according to your filing status, whether you’re 65 or older and/or blind, and whether another taxpayer can claim you as a dependent. The standard deduction isn’t available to certain taxpayers.
What is the standard deduction for age 65 and blind?
Topic Number 551 – Standard Deduction. For example, a single taxpayer who is age 65 and blind would be entitled to a basic standard deduction and an additional standard deduction equal to the sum of the additional amounts for both age and blindness. For the definition of blindness, refer to Publication 501, Exemptions, Standard Deduction,…
Is the standard deduction higher for 2013 than 2012?
The stand ard deduction for some taxpayers who do not itemize their deductions on Schedule A of Form 1040 is higher for 2013 than it was for 2012. The amount depends on your filing status. You can use the 2013 Standard Deduction Tables near the end of this publication to figure your standard deduction.