Say if a person is retired and living mainly on pension + FD interest.
Which tax regime will work better?
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About Regime Selection
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For a retiree, the Old Tax Regime remains attractive if they have substantial investments (80C), medical insurance (80D), and earn enough interest to maximize the senior citizen deduction (80TTB). Conversely, if they have few or no such deductions, the New Tax Regime will likely be more tax-efficient due to its lower slab rates.
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