IT rules in AY 2024-25

This discussion explores IT deduction eligibility for the AY 2024-25 under the new tax regime. The user, a senior citizen with various income sources including pension, savings, FD, and annuity, inquired about available deductions beyond the standard Rs. 50,000. Experts clarified that under the new regime, only the standard deduction is typically applicable, unlike the old regime which allows for deductions under sections like 80C and 80D. The advice is to carefully consider which tax regime offers the most benefit based on individual circumstances.