Question
According to Union Budget 2023-24, consider the
following statements regarding the Personal Indirect Tax: 1. It is proposed to increase the rebate limit to Rs 7 lakh in the both tax regime.Ā 2. It is proposed to change the tax structure in only new tax regime by reducing the number of slabs to five. 3. Tax exemption limit has been increased to 3 lakh. Which of the above statements is/are correct?Solution
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.Ā 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.
In which state of India does the foundation stone of Dhamma Deepaun International Buddhist University (DDIBU) laid?
On which date does the nation celebrate National Panchayati Raj Day, commemorating the institutionalization of Panchayati Raj?
What is the initial investment for Indiaās first AI-focused Datacentre Park inaugurated in Raipur, Chhattisgarh?
At the BCCI Awards 2024 in Hyderabad, who was honored with the Lifetime Achievement Award?
Which Indian institution developed the meta-material cloaking system AnÄlakį¹£hya?
Recently Aadhaar custodian UIDAI encourage people to voluntarily update their biometric data, demographics etc once in how many years?
To whom is UNESCO dedicating International Day of Education 2024, emphasizing the urgent need to lift restrictions on their access to education?
Which institute recently signed an MoU with the Commissionerate of Indian Medicine and Homoeopathy (CIM&H) to carry out testing and standardization of s...
Indian Navyās stealth frigate INS Tarkash, visited Djibouti as part of her long range overseas deployment followed by Maritime Partnership Exercise wi...
With whom has Indigo airline signed a deal to buy 500 A320 aircraft?
