Union Budget 2023: Income Tax Rebate Limit Increased to Rs 7th Lakh in New Tax Regime

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:

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