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Income Tax - Frequently Asked Questions (FAQs) |
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FAQ on New vs Old Regime [AY 2024-25] |
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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? |
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Ans. In the old tax regime , the basic exemption limit for senior citizens is Rs. 3,00,000/- and for super senior citizens, it is Rs. 5,00,000/-. In the new tax regime, no income tax is payable upto the total income of Rs. 7 lakh. |
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