evidence: RSM India founder has pointed out that the current basic exemption limit of Rs 2.5 lakh has remained unchanged since 2014. [...] He also stated that this proposed adjustment would extend benefits to a substantial portion of the approximately 7 crore taxpayers, acting as a cushion against inflationary pressures. [...] What did Budget 2023-2024 offer Under the new tax regime, the basic exemption limit has increased from Rs 2.5 lakh to Rs 3 lakh, a rise of Rs 50,000. If you opt for this new regime for the fiscal year 2023-24, it's not mandatory to file returns if your gross taxable income is below Rs 3 lakh. This change lets those choosing the new tax regime save up to Rs 15,000 (30% of Rs 50,000) during ITR filing. In contrast, the old tax regime maintains a basic exemption limit of Rs 2.5 lakh. Therefore, individuals with a gross taxable income between Rs 2.5 lakh and Rs 3 lakh are likely to benefit more from the new tax rules.