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Finance Minister Nirmala Sitharaman announced that the income tax rebate is extended on income up to Rs 7 lakhs in the new tax regime.
“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,” the Finance Minister announced.
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( With inputs from www.siasat.com )
