The only thing that the salaried class looks forward to when it comes to the budget is the income tax rebate.
Nirmala Sitharaman said on February 1, 2023, "I want to increase the rebate limit to Rs 7 lakh."
NEW TAX REGIME(PREVIOUS)
NEW TAX REGIME(REVISED)
OLD TAX REGIME
NEW TAX REGIME(REVISED)
SIGNIFICANT CHANGES IN THE NEW TAX REGIME
Income of up to Rs 7 lakh in a fiscal year is tax-free. The Section 87A rebate limit has been raised from Rs 5 lakh to Rs 7 lakh.
SIGNIFICANT CHANGES IN THE NEW TAX REGIME
The basic exemption amount has been raised to Rs 3 lakh from Rs 2.5 lakh.
SIGNIFICANT CHANGES IN THE NEW TAX REGIME
The salaried class now has access to a standard deduction of Rs 50,000 under the new tax regime.