No income tax for people with income up to Rs 7 lakh per annum after increased rebate limit

Finance Minister Nirmala Sitharaman, while presenting Budget for 2023-24, announced to increase the income tax rebate limit to Rs 7 lakh under new tax regime. A new Income Tax Return form has been introduced for ease of filing returns, said Sitharaman. Meanwhile, Highest surcharge reduced from 37 per cent to 25 per cent in new tax regime.