Budget 2024: Will new income tax system receive added boost? The Union Budget 2023–24 has several benefits for the new income tax system, and the Interim Budget, which is scheduled to be announced on february 1st, may give it even more support. Presented in the Union Budget 2020–21, the new tax system gave taxpayers an alternative to the previous one and went into effect as the default option on april 1, 2023. There may be more improvements to the new income tax system. According to abhishek Soni, it might be more appealing to include the interest deduction for house loans in the new tax system.

Source: Mint January 27, 2024 03:09 UTC