Tax Rebate For 2024. Section 194p of the income tax act, 1961 provides conditions for exempting senior citizens from filing income tax returns aged 75 years and above. In a major relief to taxpayers, the finance minister in the union budget 2024 has introduced a new tax regime that allows individuals with income up to rs 7.75 lakh to pay zero.

The government has increased the standard deduction limit to rs 75,000, allowing the salaried class to save up to rs 17,500 in taxes under the new regime. Section 194p of the income tax act, 1961 provides conditions for exempting senior citizens from filing income tax returns aged 75 years and above.