Income Tax Rebate Limit Increased To Rs 7 Lakh From Rs 5 Lakh

A big relief to middle-class, Finance Minister Nirmala Sitharaman on Wednesday stated “tax rebate limit increased to Rs 7 Lakh”.Finance Minister Nirmala Sitharaman has proposed to increase the tax rebate to Rs 7 lakh under New Tax Regime. This means no tax will be levied on income up to Rs 7 lakh under New Regime. FM Nirmala Sitharaman says that the New Tax Regime will be the default tax regime. However, citizens will continue to reap the benefits of Old Regime. Standard Deduction under New Tax Regime for individuals with income up to Rs 15 lakh will be Rs 52,400, says FM