The new income tax regime received a host of benefits in the Union Budget 2023-24, and it could further get a boost in the upcoming Interim Budget set to be presented on February 1. Last year Finance Minister Nirmala Sitharaman made some adjustments, reducing the surcharge for higher-income individuals and allowing a standard deduction of Rs 50,000.advertisementRead MoreThe new income tax regime could get further boosts. Additionally, individuals are looking for a boost in the standard deduction limit, HRA exemption, and health insurance premium deduction under the new regime. advertisementAbhishek Soni suggests that extending the deduction for interest on housing loans to the new tax regime could make it more attractive. Recap of changes made in Budget 2023In the previous budget, Sitharaman adjusted the slab rates for individuals opting for the new income tax regime:No tax on income up to Rs 3 lakh5 per cent tax on income between Rs 3-6 lakh10 per cent tax on income between Rs 6-9 lakh15 per cent tax on income between Rs 9-12 lakh20 per cent tax on income between Rs 12-15 lakh30 per cent tax on income of Rs 15 lakh and abovePublished By: Sonu Vivek Published On: Jan 26, 2024Tune In

Source: Mint January 26, 2024 10:17 UTC