Stay updated on the latest income tax rules effective from April 1, 2024. Discover insights into the new tax regime, its implications, and why it's set to become the default option for taxpayers.
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.
The New Tax Regime was made the default option for all taxpayers in Union Budget 2023, including individuals, Hindu Undivided Families (HUFs), and Association of Persons (AOPs).