New Delhi, July 17 -- In the backdrop of inflation and high rates of tax, there is an urgent need for updating the tax slabs as well for enhancing the amount of deductions, says a BankBazaar Primer Budget '24.

The report argues that since the new tax regime has failed to attract salaried taxpayers, there is an urgent need for enhancement in deductions in the old regime that taxpayers continue to opt for.

The old tax regime offers a spate of tax deductions which include loan payments, insurance premia, tax saving investments such as provident fund, tuition fee and medical expenses.

These deductions are substantial and bring the tax liability down for many who opt for it over the new tax regime where deductions are very few.

The report ...