Income tax exemption limit increased from Rs 5 lakh to Rs 7 lakh, Finance Minister gave statement

General Budget 2023: Now under the new tax regime, no tax till annual income up to Rs 7 lakh – FM Sitharaman

Finance Minister Nirmala Sitharaman has made a big announcement regarding tax slabs. Now under the new tax system, no tax will have to be paid till the annual income of up to Rs 7 lakh. Till now this limit was 5 lakh rupees.