what about senior cirtizens regarding old and new tax regime in the budget. any concession or it is as is?

Ans: Hi
The difference between the old and new tax regime is that many deductions and exemptions are not available if an individual opts for the new tax regime.

Standard deduction, PT deduction, Mediclaim, Life Insurance, PF, NPS, Donations etc., are some of the common deductions that would not have been available to an individual opting for the new tax regime. The benefit that the individual would get by opting the new tax regime is that she / he would get lower rates of tax slab as compared to an individual opting for old tax regime.

With the new budget proposals, the FM intends to extend atleast 3 distinct benefits to individuals opting for the new tax regime.

1. Standard deduction would be available to be claimed
2. Slab rates of tax has been rationalized (improved) to give better tax relief to the individual
3. Individuals opting for new tax regime have got enhanced Nil tax window of Rs. 7 Lakhs as compared to old tax regime limit of Rs. 5 Lakhs. As your income even after the standard deduction would be above Rs. 7 Lakhs, this benefit is not really applicable to you.

If we look at an income of Rs. 10 Lakhs with standard deduction of Rs. 50000; you would pay Rs. 52,500 under the new tax regime (current budget proposal) as compared to Rs. 67,500 under the new tax regime (last year budget). So effectively comparing apple to apple, you have an additional saving of Rs. 15,000 in taxes

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: I feel, your tax liability shall be less in New Tax Regime, so I suggest to adopt for the same.
Most welcome for any further clarifications. Thanks.