evidence: Budget 2024: You can expect this major relief under new income tax regime [...] "The basic tax exemption limit was increased from Rs 2 lakh to Rs 2.5 lakh by the NDA 1.0 in its first budget 2014. Since then, the exemption limit left untouched for the past 10 years, even though costs of household items have increased substantially on account of rising fuel prices, inflation, and global economic conditions. During these 10 years, substantial tax benefits were provided to corporate taxpayers, ranging from reduction of tax rates from 30% to 22% and in some cases, the corporate tax rates were reduced upto 15%. Therefore, it is widely expected that NDA 3.0 will increase basic exemption limit to Rs 5 lakh, much to the relief of the salaried taxpayers," said SR Patnaik, Partner, Cyril Amarchand Mangaldas.