New Delhi, July 26 -- The Union Budget 2024 brought substantial revisions to the new tax system, enhancing its appeal to taxpayers. The standard deduction has been raised from Rs.50,000 to Rs.75,000 in the new tax regime introduced in this year's budget announcement. Individuals earning up to Rs.7 lakh per year will be exempt from paying income tax.

The objective of these changes is to offer relief to taxpayers and streamline the tax system. However, if your salary exceeds Rs.7.5 lakh, you can still reduce your entire tax liability. Know how you can escape paying tax even on your yearly income of Rs.10 lakhs.

To maximize tax savings on an income of up to Rs.10 lakh, the old tax regime is usually more advantageous. This is because the ol...