I am a senior citizen. In the old tax regime there are special advantages in tax rates for senior citizens. Are there any such advantages in new tax regime?
FAQ on New vs Old Regime [AY 2024-25]
Contents
Summary
Note
Bookmark
Share
✓ Copied successfully !
Print
Print Options
For full text, please login
Login to TaxTMI
Verification Pending
The Email Id has not been verified. Click on the link we have sent on
Senior citizen tax exemption: new regime provides a higher unified tax-free threshold replacing separate senior slabs. In the old tax regime, senior citizens and super senior citizens had higher basic exemption limits of Rs. 3,00,000 and Rs. 5,00,000 respectively, raising ... Summary
Senior citizen tax exemption: new regime provides a higher unified tax-free threshold replacing separate senior slabs.
In the old tax regime, senior citizens and super senior citizens had higher basic exemption limits of Rs. 3,00,000 and Rs. 5,00,000 respectively, raising the threshold before tax. The new tax regime provides a single, broader tax-free threshold under which no income tax is payable up to a specified total income level, thereby replacing the separate senior and super senior exemption slabs.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.