While presenting the budget, Finance Minister Nirmala Sitharaman made a big announcement about the personal income tax for the ‘hardworking middle class’. Currently, those with an income of Rs 5 lakhs do not pay any income tax. The Finance Minister proposed to increase the rebate limit to Rs 7 lakhs in the new tax regime. She also made several other announcements related to the tax structure, the benefit of the standard deduction, the current tax rate, and tax exemption.
