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.
In the Union Budget 2023, Finance Minister Nirmala Sitharaman announced significant adjustments to the new income tax regime, including reduced tax rates and a tax rebate on annual income up to ₹7 lakh.
Income Tax Saving Latest Update: For salaried employees, the standard deduction of Rs 50,000 is allowed, meaning, they will not pay any tax for Rs 7.5 lakh salary. aaa