2023
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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80 lakhs
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10 lakhs
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40 lakhs
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60 lakhs
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Detailed explanation-1: -As of June 2022, the number of entities liable to pay the goods and services tax in India under the “normal taxpayer” category consisted more than 11.9 million taxpayers.
Detailed explanation-2: -It all depends on whether you want to claim deductions and exemptions under the new tax slab, which includes a variety of income levels and rates. Deductions and exemptions are available under the old tax slab.
Detailed explanation-3: -Income Tax Budget 2023 Highlights: Finance Minister Nirmala Sitharaman tweaked the income tax slabs under the new tax regime. 1) Basic exemption limit is hiked from Rs 2.5 lakh to Rs 3 lakh. 2) Rebate under section 87A has been hiked from Rs 5 lakh to Rs 7 lakh.
Detailed explanation-4: -The income Tax rebate limit is now increased to ₹7 lakh under the new tax regime. The maximum tax rebate under section 87A for ₹5 lakh would come to around ₹12, 500, while this amount is higher to ₹15, 000 for the tax exemption limit of ₹7 lakh.