According to Union Budget 2023-24, consider the following statements regarding the Income Tax:
1. It is proposed to increase the rebate limit to Rs 7 lakh in the both tax regime.
2. It is proposed to change the tax structure in only the new tax regime by reducing the number of slabs to six.
3. Tax exemption limit has been increased to 3 lakh.
Which of the above statements is/are correct?
It is proposed to increase the rebate limit to Rs 7 lakh in the new tax regime. Thus, persons in the new tax regime, with income up to Rs 7 lakh will not have to pay any tax. The second proposal relates to middle-class individuals. I had introduced, in the year 2020, the new personal income tax regime with six income slabs starting from 2.5 lakh. I propose to change the tax structure in this regime by reducing the number of slabs to five and increasing the tax exemption limit to 3 lakh. Hence, it is not related to indirect tax.
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