Stay informed with live updates on Income Tax Slabs for 2024-25. Explore the changes between the new vs old tax regimes, budget implications, and specific details for senior citizens and salaried employees. Get the latest news on income tax calculations and rates at news18.com
What factors make the decision-making process challenging when it comes to choosing between the new and old tax regimes, particularly considering the variations in tax slabs?
Under the new tax regime, senior citizens can claim a maximum deduction of Rs 50,000 under section 80D for health insurance premiums. If the expenses are incurred for a dependent senior citizen, the entitlement is Rs 1 lakh in a fiscal.