Is there additional exemption for senior citizens in new tax scheme?

Ans: No changes have been made in the old regime

Ans: Old Tax Regime - For Senior Citizen

Income Tax Slab Income Tax Rates

Upto Rs. 300,000 Nil
Rs. 300,001 - Rs. 500,000 5% above Rs. 300,000
Rs. 500,001 - Rs. 10,00,000 Rs. 10,000 + 20% above Rs. 500,000
Above Rs. 10,00,000 Rs. 110,000 + 30% above Rs. 10,00,000

Old Tax Regime - Super Senior Citizen

Income Tax Slab Income Tax Rates

Upto Rs. 500,000 Nil
Rs. 500,001 - Rs. 10,00,000 20% above Rs. 500,000
Above Rs. 10,00,000 Rs. 100,000 + 30% above Rs. 10,00,000

New Tax Regime - Senior Citizen & Super Senior Citizen

Income Tax Slab Income Tax Rates

Up to Rs. 3,00,000 Nil
Rs. 3,00,001 - Rs. 6,00,000 5% above Rs. 3,00,000
Rs. 6,00,001 - Rs. 9,00,000 Rs. 15,000 + 10% above Rs. 6,00,000
Rs. 9,00,001 - Rs. 12,00,000 Rs. 45,000 + 15% above Rs. 9,00,000
Rs. 12,00,001 - Rs. 15,00,000 Rs. 90,000 + 20% above Rs. 12,00,000
Above Rs. 15,00,000 Rs. 1,50,000 + 30% above Rs. 15,00,000

Ans: You can claim tax exemption for:

Transport allowances in case of a specially-abled person.
Conveyance allowance received to meet the conveyance expenditure incurred as part of the employment.
Any compensation received to meet the cost of travel on tour or transfer.
Daily allowance received to meet the ordinary regular charges or expenditure you incur on account of absence from his regular place of duty.
Perquisites for official purposes.
Exemption on voluntary retirement 10(10C), gratuity u/s 10(10) and Leave encashment u/s 10(10AA).
Interest on Home Loan on let-out property (Section 24)
Gifts up to Rs 5,000
Deduction for employer’s contribution to NPS account (Section 80CCD(2)).
Deduction for additional employee cost (Section 80JJA).
Budget 2023 introduced a standard deduction of Rs 50,000 under New Tax Regime applicable from FY 2023-24.
Budget 2023 also introduced deduction under Section 57(iia) being expenses towards income from family pension.
Budget 2023 further introduced deduction of amount paid or deposited in the Agniveer Corpus Fund under Section 80CCH(2).

Ans: Dear Mr. Mugalur
The slab rate under the old tax regime for super senior citizen has not been changed and remain at 20% for income in the range of Rs. 5 Lakhs above to Rs. 10 Lakhs.

In case you are opting for the old tax regime all deductions that were available earlier are still available to you but that would not be the case if you opt for the new tax regime, where the deductions stated by you will not be available

Ans: You will get standard desuction 75000 instead of 50000 (applicable for non senior citizen)