There are five major announcements relating to the personal income tax.
The rebate limit in the new tax regime has been increased to Rs. 7 lakh, meaning that peons in the new tax regime with income upto Rs. 7 lakh will not have to pay any tax.
The tax structure in the new personal tax regime has been changed by reducing number of slabs to five and increasing the tax exemption limit to Rs. 3 lakh.
