FY24 tax proposals to benefit hard working middle class: FM

In order to make the exemption less personal income tax regime, Finance Minister Nirmala Sitharaman on Wednesday enhanced the rebate limit to ₹7 lakh in the new tax regime.

“I have five major announcements to make in this regard. These primarily benefit our hard-working middle class,” she said.

“Currently, those with income up to ₹5 lakh do not pay any income tax in both old and new tax regimes. I propose to increase the rebate limit to ₹7 lakh in the new tax regime,” she added.