Union Finance Minister Nirmala Sitharaman, presenting the Union budget 2023, announced that the tax rebate of Rs 5 lakh has been increased to Rs 7 lakh.
I propose to increase the rebate limit to 7 lakh in the new tax regime, the minister said. This would mean that tax exemption has been extended to those receiving upto Rs 7 lakh.
The finance minister also reduced highest surcharge rate to 25 per cent from 37 per cent in new regime.
The minister said the average processing time for ITRs (income tax returns) reduced from 93 days to 16 days.
We intend to roll out next-gen common IT Return forms and strengthen grievance redressal mechanism, the finance minister said.
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