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    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.┬а 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?
    A 1 only Correct Answer Incorrect Answer
    B 1 and 2 only Correct Answer Incorrect Answer
    C 2 and 3 only Correct Answer Incorrect Answer
    D 1 and 3 only Correct Answer Incorrect Answer
    E 1, 2 and 3 Correct Answer Incorrect Answer

    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.┬а 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.

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