Union Budget 2023: Income Tax Rebate Limit Increased to Rs 7th Lakh in New Tax Regime
Finance Minister is delivering her fifth Budget Speech 2023 in Parliament. The Finance Minister also said that the average processing time for income tax returns has been reduced from 93 days to 16 days.
Finance Minister is delivering her fifth Budget Speech in Parliament. While presenting the Union Budget 2023, Sitharaman announced that the income tax rebate limit has been extended up to Rs. 7 lakhs in the new tax regime. The Finance Minister also said that the average processing time for income tax returns has been reduced from 93 days to 16 days. The government intends to roll out next-gen common IT Return forms and strengthen the grievance redressal mechanism. Budget 2023 Live News Updates and Highlights: Income Tax Exemption Limit Increased to Rs 3 Lakh Under New Tax Regime.
Income Tax Rebate Limit Increased to Rs 7th Lakh:
Personal income-tax | Income tax- rebate extended on income up to Rs 7 lakhs in new tax regime: FM Sitharaman pic.twitter.com/X8rmVH7Gh2
— ANI (@ANI) February 1, 2023
(The above story first appeared on LatestLY on Feb 01, 2023 12:25 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
