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The Union Budget 2023-24, which was presented by Finance Minister Nirmala Sitharaman in Parliament on February 1, has brought significant changes to personal income tax. The income tax rebate limit has been increased to ₹ 7 lakh. In Budget 2020, taxpayers were given an option to either continue with the old tax regime, where tax exemptions could be claimed, or opt for the new regime with lower tax rate but no exemptions. In both the old and new tax regimes, however, the annual income up to which one did not need to pay taxes was ₹ 5 lakh. This has been changed in the Union Budget 2023-24. The Finance Minister, in her budget speech, proposed to increase the tax-free ceiling in the new tax regime to ₹ 7 lakh from the existing ₹ 5 lakh. This means that those who have chosen the new tax regime and have an income of up to ₹ 7 lakh will not be required to pay any taxes. at6i595o Besides this, the tax slabs have also been reworked and the number of slabs have been brought down from six to ...