New Delhi: Union Finance Minister Nirmala Sitharaman has announced that the income tax rebate limit increased to Rs 7 lakh in the new tax regime.
The limit will be increased from Rs 5 lakh currently by Rs 2 lakh in an announcement which is bound to bring cheers to the taxpayers.
“I introduced in 2020, the new personal income tax regime with 6 income slabs, starting from Rs 2.5 Lakhs. I propose to change the tax structure in this regime by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs 3 Lakhs,” FM Nirmala Sitharaman added in the Budget speech.
“The average processing time for income tax returns will be reduced from 93 days to 16 days. Centre intends to roll out next-gen common IT Return forms,” she added.