UNION BUDGET 2024-25 In the Budget 2023, the government has increased the tax exemption limit by Rs 50,000 to Rs 3lakh, and the rebate has been increased from Rs 5lakh to Rs 7lakh. Apart from this, a standard deduction of Rs 50,000, which was available for the old regime, has also been extended to those opting for the new regime. It means that if your income is up to Rs 7 lakh, you dont need to pay any tax. Currently, those with income up to Rs 5 lakh do not pay any income tax in both old and new tax regimes. I propose 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,” Sitharaman said while presenting the Budget 2023 in Parliament on Wednesday, February 1.
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