I am a senior citizen using old system as can claim 80C, 80D & 80TTB all together exemption of Rs 250000
1 Should I continue with old system if income after deducting exemption is arpund Rs 10 Lakhs ?
2 As salaried class has been offered Std deduction of Rs 50000, will senior citizens be at disadvantage vis a vis Salaried class if senioe chanes over to new regime ?
Ans: Yes, considering your facts of the case, new tax regime is likely to be beneficial. Further, senior citizen getting pension income can take benefit of standard deduction.