Budget 2023: Income Tax Rebate Limit Increased To Rs 7 Lakh From Rs 5 Lakh Under New Tax Regime

On February 1, Finance Minister Nirmala Sitharaman announced that no income tax will be payable on income of Rs 7 lakh in the new tax regime. It was Rs 5 lakh earlier. FM Sitharaman said the New Tax Regime will be considered the default regime. However, the Old Tax Regime will be operational. Watch the video to know more.