The Finance Minister Nirmala Sitharaman made a major announcement regarding the personal tax/Income Tax rebate limit.
The tax rebate limit has been increased from Rs. 5 lakhs to Rs. 7 lakhs, meaning those with income up to Rs. 7 lakhs will not have to pay any tax under the new tax regime.
This is a significant change in the new tax regime and will provide much-needed relief to taxpayers with lower incomes.
“Currently those who have income up to Rs 5 lakhs do not pay any income tax. I propose increasing the rebate to Rs 7 lakhs. I propose to increase the rebate limit in the new tax regime. Those with income upto Rs. 7 lakhs will not have to pay any tax at all,” Finance Minister Nirmala Sitharaman said during the budget presentation today.
The Finance Minister emphasized the government’s commitment to supporting the financially weaker sections of the society and boosting the country’s economy through such measures. This move is expected to bring about a positive impact on the economy and is being widely appreciated by the public.
