New tax regime: In the Union Budget 2023, Finance Minister Nirmala Sitharaman made some changes to the new income tax regime to make it more attractive for a taxpayer who will file an income tax return (ITR) during the year. 2023-24 financial year. Effective April 1, 2023, the benefit of Section 87A has been extended to the new tax regime and taxpayers opting into the new tax regime in FY24 will be able to claim a tax refund of up to ₹12,500 in a fiscal year or assessment year. However, those opting for a new tax regime will have to leave various refunds such as HRA, LTA, Section 80C, Section 80CCD, etc. However, if the taxpayer is an employee, then in this case the taxpayer can claim a standard deduction. until ₹50,000. therefore, in this case, for a salaried person, an annual income of up to ₹7.50 lakh is not taxable and should be kept while depositing the ITR.