New Enroll here to Join NaBFID Analyst Into Class on May 6

    Question

    Which of the following statements is/are not correct in

    regards to Direct Taxes in budget 2023-24? 1.    6 income slabs has been reduced to 4 income slabs 2.    Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh 3.    Agniveers enrolled in Agnipath Scheme, 2022 is proposed to be exempt from taxes
    A 1 only Correct Answer Incorrect Answer
    B 2 only Correct Answer Incorrect Answer
    C 3 only Correct Answer Incorrect Answer
    D 1 & 3 Correct Answer Incorrect Answer
    E None Correct Answer Incorrect Answer

    Solution

    Tax structure in new personal income tax regime, introduced in 2020 with 6 income slabs, to change by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs. 3 lakh. Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh from the current Rs. 5 lakh in the new tax regime.  payment received from the Agniveer Corpus Fund by the Agniveers enrolled in Agnipath Scheme, 2022 is proposed to be exempt from taxes.

    Practice Next

    Relevant for Exams: