Salaried individuals keenly wait for the Finance Minister’s income tax rebate statements. Well, as per a report in Moneycontrol, the income tax rebate under the new direct tax regime is unlikely to rise in the interim Union Budget 2023. While presenting, the Union Budget 2023, Union Finance Minister Nirmala Sitharaman announced the change in income tax slabs, up to ₹7 lakh rebate under the new income tax regime. Interim Budget 2024 On February 1, Union Finance Minister Nirmala Sitharaman will present the Union Budget 2024 with no major announcements as the elections for the Lok Sabha are due early next year. To benefit the hard-working middle class of the country, Nirmala Sitaraman made five major announcements concerning personal income tax while presenting the Union Budget 2023-24.

Source: Mint January 13, 2024 17:03 UTC