Union Budget 2023 : FM Announces Increase Of Rebate Limit; No Income Tax For Persons With Income Upto Rs 7 Lakhs In New Regime

In a major budget announcement helping the salaried middle class, Union Finance Minister Nirmala Sitharaman announced the proposal to raise the income tax rebate level to Rs 7 lakhs per annum from Rs 5 lakhs per annum."Currently, those with income upto 5 lakhs do not pay any income tax in both old and new regimes. I propose to increase the rebate limit to 7 lakhs in the new tax...