Tax Brackets 2024 India Old Regime. It's also important to note that for resident individuals who are senior citizens aged 60 and above, the basic exemption limit is rs 3 lakh, while for. An individual has to choose between new and old tax regime to calculate their income tax liability, subject to certain conditions.
Under the old tax regime, the tax deduction is 30% while for the new tax regime it is 15%. It will continue to have three income.