‘IT rebate hiked to income of Rs 7 lakh’

Posted on   3:01 pm

Finance Minister Nirmala Sitharaman today proposed to increase the tax rebate to Rs 7 lakh under New Tax Regime. This means no tax will be levied on income up to Rs 7 lakh under New Regime. Presenting the Union Budget for 2023-2024 in the Parliament today, Nirmala Sitharaman said that the New Tax Regime will be the default tax regime.