Income Tax 2023 Budget: Taxpayers have got a big relief in this budget. The Finance Minister mentioned income tax at the end of the budget, but this time he has opened a box of big reliefs.
New Delhi. When Finance Minister Nirmala Sitharaman presented the General Budget 2023 on Wednesday morning, the biggest relief was given to the taxpayers. Big relief has been given to the taxpayers who were waiting for the increase in tax exemption for almost 8 years. The Finance Minister said that in the new tax regime, no tax will have to be paid on income up to Rs 7 lakh.
So far, the rebate limit in the new and old tax slabs was Rs 5 lakh, which has been increased by Rs 2 lakh to Rs 7 lakh. This means that now no tax will have to be paid till the earning of Rs 7 lakh. Apart from the rebate, the direct tax exemption has also been increased by Rs 50,000. That is, earlier where there was a direct tax exemption of up to 2.5 lakhs, it has now been reduced to Rs 3 lakhs.
