Income Tax Slab Details for Senior and Super Senior Citizens: Your Guide for FY 2023-24 (AY 2024-25)

Summary

Budget 2024 introduces updated tax slabs and higher deductions, streamlining calculations for all taxpayers. Both the new and old tax regimes offer different benefits for regular and senior citizens, each with distinct deductions and exemptions. Guidance on selecting the appropriate regime and FAQs ensure taxpayers can optimize benefits and comply with revised rules.

Key Takeaways

Updated tax slabs and increased deductions simplify calculations.
Senior and super senior citizens have distinct tax benefits.
Old and new tax regimes offer different advantages based on individual circumstances.
Enhanced deductions for standard and pension contributions reduce taxable income.