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).
The Federal Tax Debate: Capital Gains heritage.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from heritage.org Daily Mail and Mail on Sunday newspapers.
This blog post summarizes recent federal bills that have been introduced (but not yet passed), proposals by the Biden Administration, and guidance issued by the Internal Revenue Service.