With updates being regularly released for both Android and iOS, it should be a tough decision for the consumers. I'll be talking about the two platforms in general and not about any particular version. Both have their own advantages and disadvantages. It's up to you to decide which one suits you.
You need good performance from a smartphone you buy spending a reasonable fraction of your monthly income, isn't it? It's about how dedicated your smartphone is, in helping you. I'm talking about the touch response time of your phone. iPhone is the definite winner. Android phones will be good initially. But as you update your OS, the touch response time is considerably affected. Apple devices have no such problems. Talking about OS updates, iPhones get updates as soon as the version is released. Android updates, on the other hand, have to go through a long and slow journey before they reach your phone (unless you have a Nexus). Talking about the battery life, iPhones perform better. Android devices generate way more heat than iPhones. This might cause damage to the electronics. Latest iPhones come with fingerprint locks which make it almost impossible for others to use your phone without your knowledge.
Google Play Store has a large collection of apps and the important thing is that most of the apps are free. You cannot expect the same from Apple's App Store. You must be ready to spend a few bucks if you go for iPhone. Do you make a lot of phone calls? Many of the Android devices have dual-sim support. iPhones support only one sim. External memory card slots are available in most of the Android devices but not in iPhones. You can choose the brand and the specifications you need if you go for Android as there are lot of models available. On the other hand, if you choose iOS, you don't have a lot of options. You have to buy what they give. In general, Android devices are way cheaper.
