Tax saving options under New Tax Regime most taxpayers may not be aware of
The Union Budget 2020-21's new tax regime had few takers due to lack of exemptions and deductions. To boost adoption, Budget 2023 increased exemption limit, introduced full rebate, and made it default. It also offers tax-saving options like standard deduction, NPS investments, and exemptions for transport allowances, official perquisites, and retirement benefits.