No Tax For People Earning Rs 7 Lakh Annually: Union Budget 2023-2024
In a major announcement for taxpayers, under the Union Budget 2023-2024, FM Nirmala Sitharaman announced no tax for those with an income up to Rs 7 lakhs, annually. Those earning above Rs. 15 lakhs per year would need to pay 30% tax. Furthermore, under the new tax slab regime, the surcharge rate has been reduced to 25% from the previous 37%. The Government also introduced new IT returns forms.