New Income Tax Regime; No Income Tax up to 7 Lakh income

PERSONS WITH INCOME UP TO RS. 7 LAKH WILL NOT PAY INCOME TAX IN NEW TAX REGIME

TAX EXEMPTION LIMIT INCREASED TO RS. 3 LAKH

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CHANGE IN TAX STRUCTURE: NUMBER OF SLABS REDUCED TO FIVE

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SALARIED CLASS AND PENSIONERS TO GAIN ON EXTENSION OF STANDARD DEDUCTION BENEFIT TO THE NEW TAX REGIME

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MAXIMUM TAX RATE REDUCED TO 39 PER CENT FROM 42.74 PERCENT

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NEW TAX REGIME TO BE THE DEFAULT TAX REGIME

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CITIZENS TO HAVE THE OPTION TO AVAIL THE BENEFIT OF OLD TAX REGIME

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THE NEW TAX REGIME WILL BE APPLICABLE FOR FY 2023-24.

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