Finance Minister Nirmala Sitharaman announced the Union Budget for 2023-24 today. In the most coveted section concerning personal income tax, she made a major announcement. Apparently, the income tax rebate has been increased from ₹5 lakh to ₹7 lakh. It means individuals with an annual income of up to ₹7 lakh do not have to pay income tax under the new tax regime.
The big announcement naturally courted diverse reactions. While many people are celebrating the big move, people under the old tax regime are calling it a waste for being indifferent to the taxpayers in the old regime.
Take a look at how Twitter users are reacting.
What do you think about this?
Also Read | From UAE To The Bahamas, 11 Countries That Have No Income Tax
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