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ITR 2024: Here are 8 ways by which senior citizens can save on taxes this year

For senior citizens, tax savings is not just about reducing their financial burden but also about making smart decisions that ensure their money lasts as long as possible

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Additional relief under new tax regime to those with over Rs 7 lakh/year taxable income

In the Union Budget for 2023-24, the government expanded the scope of full rebate on income tax under the new tax regime to an annual taxable income of Rs 7 lakh from Rs 5 lakh earlier.

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Govt may offer taxpayers incentives to shift to new income tax regime

The government can make the new tax system attractive by raising basic exemption limit, which is ₹2.5 lakh for both regimes, said experts

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Raising exemption limit at the cost of tax reform a 'dangerous' proposal

The Budget is going paperless. The move was expected, as printing documents during Covid pandemic is problematic. So, how should people access the documents? In the sixth episode of ‘Beyond Budget Headlines with AKB’, Business Standard’s special video series in the run-up to Budget 2021, we also discuss the speculation and consequences of raising the tax exemption limit and the possibilities of implementing a Covid cess or surcharge. The move of raising exemption limit could see income tax rates increasing for those earning above Rs 5 lakh, says our in-house policy expert A K Bhattacharya, as he terms it a 'dangerous' proposal.

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