Every term is defined twice: once the way a filing would put it, and once the way somebody would explain it to you across a table. The second one is usually the one that sticks.
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India’s original income tax structure, with narrower slabs and a long list of deductions.
The à la carte option. Worth it once you claim roughly ₹4.5–6 lakh of deductions — usually a home loan or a big metro HRA.
A deduction of up to ₹50,000 on deposit interest for senior citizens, under the old tax regime.
Five times the ₹10,000 everyone else gets under 80TTA — and one of the remaining reasons a retired person may still prefer the old regime.