Budget 2024: Have any changes been made to old income tax regime in budget?
The finance minster did not make any changes to the o ld tax regime in the Budget 2024. Here is a look at all you need to know about the old tax regime.#sr_widget.onDemand p, #stock_pro.onDemand p{font-size: 14px;line-height: 1.28;} .onDemand .live_stock{left:17px;padding:1px 3px 1px 5px;font-size:12px;font-weight:600;line-height:18px;top:9px} #sr_widget.onDemand .sr_desc{margin:0 auto 0;} #sr_widget.onDemand .sr_desc{color: #024d99;margin-top:10px;} #sr_widget.onDemand .crypto .live_stock .lb-icon{8px 6px 5px 3px !important} #sr_widget.crypto.onDemand a.text{border-bottom:1px solid #ccc;padding-bottom:5px;display:block;width:100%} #sr_widget.onDemand .sr_desc .text p, #stock_pro.onDemand .sr_desc .text p{font-size:12px;font-weight:400;} #Budget' 2024 with ET
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Current features of old tax regime
In the old tax regime, the basic exemption limit for income of the individual depends on the age of the taxpayer in the financial year. For individuals below 60 years, the basic exemption limit is Rs 2.5 lakh. For senior citizens (above 60 years but below 80 years) and super senior citizens (80 years of age and above) the basic tax exemption limit is Rs 3 lakh and Rs 5 lakh, respectively.
The old tax regime allows an individual to claim various tax exemptions and deductions. Some of the common ones are - Section 80C, Section 80D, Section 80CCD(1B), HRA tax exemption and LTA tax exemption among others.
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More NewsIncome tax slabs under the old tax regime
Below are the current income tax slabs i.e. for FY 2024-25 (AY 2025-26) in the old tax regime for individuals below 60 years of age, senior citizens and super senior citizens.
Current income tax slabs for individuals below 60 years
Income tax slabs (In Rs)
Income tax rate (%)
Up to 2,50,000
0
2,50,001 – 5,00,000
5%
5,00,001-10,00,000
20%
10,00,001 and above
30%
Current income tax slabs for senior citizens
Income tax slabs (In Rs)
Income tax rate (%)
Up to 3,00,000
0
3,00,001 – 5,00,000
5%
5,00,001-10,00,000
20%
10,00,001 and above
30%
Current income tax slabs for super senior citizens
Income tax slabs (In Rs)
Income tax rate (%)
Up to 5,00,000
0
5,00,001-10,00,000
20%
10,00,001 and above
30%
Cess will be levied at 4% on the income tax amount. Surcharges will be levied on incomes above Rs 50 lakh.
Benefits under the old tax regime
Remember the old tax regime is the optional tax regime from April 1, 2023. An individual taxpayer is required to specifically opt for the old tax regime to claim various tax exemptions and deductions.
Further, these deductions and exemptions can only be claimed if an individual files his/her income tax return on or before the last date i.e., July 31. The old tax regime is not available if an individual files belated ITR i.e., ITR filed after the expiry of last date.
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This story originally appeared on: India Times - Author:Faqs of Insurances
