Union Budget 2023-24: Finance Minister Nirmala Sitharaman announced that the income tax rebate limit has been increased to Rs 7 lakh in the new tax regime...
Digital Desk: Union Finance Minister Nirmala Sitharaman announced that the income tax rebate limit has been raised 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 that will bring a loud cheer to taxpayers.
Further, the finance minister stated that the average processing time for income tax returns will be reduced from 93 days to 16 days. Centre intends to roll out next-generation common IT Return forms. The government also intends to strengthen the grievance redressal mechanism.
The deduction limit under section 80C is currently Rs 1.5 lakh. Section 80C of the Income Tax Act is a tax-saving option that has proven to benefit taxpayers. It allows them to reduce their taxable income by utilizing tax-saving instruments.
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