Budget 2023-24: Income Rebate Limit increased to 7 Lakhs under the new tax regime
Finance Minister Nirmala Sitharaman proposed under the new tax regime, that the “income up to 7lakhs will not have to pay any tax at all”. The income Rebate Limit increased to 7 Lakhs under the new tax regime- Budget 2023-24
A sigh of relief for the middle class, as finance Minister Nirmala Sitharaman, has proposed/announced five income tax measures in the union budget.
- 0 to 3 lakh—Nil
- 3 lakh to 6 lakh—5%
- 6 lakh to 9 lakh—10%
- 9 lakh to 12 lakh—15%
- 12 lakh to 15 lakh—20%
- 15 lakh to above—30%
The new income tax regime will be the default tax regime while the citizens will have the option to be in the old regime as well, the finance minister announced. Old tax regime allows PPF, NPS, and some other concessions. So people above the 7 lakh annual income will have to judiciously choose between the new and old regimes.