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Confused 74-year-old: New tax regime or stick with old? 80C benefits?

Milind

Milind Vadjikar  |1048 Answers  |Ask -

Insurance, Stocks, MF, PF Expert - Answered on Sep 29, 2024

Milind Vadjikar is an independent MF distributor registered with Association of Mutual Funds in India (AMFI) and a retirement financial planning advisor registered with Pension Fund Regulatory and Development Authority (PFRDA).
He has a mechanical engineering degree from Government Engineering College, Sambhajinagar, and an MBA in international business from the Symbiosis Institute of Business Management, Pune.
With over 16 years of experience in stock investments, and over six year experience in investment guidance and support, he believes that balanced asset allocation and goal-focused disciplined investing is the key to achieving investor goals.... more
Matta Question by Matta on Aug 16, 2024Hindi
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I am of 74 years, recent 2024-25 A.Y we field in (new regime) let us continue in future or any change in Old one 80c & any benefits in not applicable in my a/c

Ans: Individuals with an income from business or profession are not eligible to switch income tax regimes every year.

However, individuals having income from sources other than business or profession can switch their regimes every year based on amount of deductions allowed.
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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