According to the Budget 2023, which of the following changes is/are correct regarding "Income Tax"?
I. Rebate limit of Personal Income Tax to be increased to ₹7 lakh from the current ₹5 lakh in the new tax regime.
II. The new tax regime was introduced in 2021.
III. According to the new tax regime, the highest income tax rate is 30%.
Select the correct options:
1.I only
2.III only
3.I and III only
4.I and II only
5.All of the above
Correct Answer : 3
Solution :
• Statement I: Correct. In the Union Budget 2023, the rebate under Section 87A was increased, allowing individuals with income up to ₹7 lakh to be exempt from paying income tax under the new tax regime.
• Statement II: Incorrect. The new tax regime was introduced in the Union Budget 2020 and became effective from April 1, 2020.
• Statement III: Correct. Under the new tax regime, the highest income tax rate is 30%, applicable to incomes above ₹15 lakh.
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