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
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.
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