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Income tax ceiling increase from Rs 5 lakh to Rs 7 lakh

Summary by Ground News
Nirmala Sitharaman said that under the new tax regime, the government has enhanced the income tax exemption limit up to Rs 7 lakh. The income tax returns processing period has been reduced by 16 days. The Finance Minister had, last month, defended the new income tax regime and said it had not reversed any gains from the old regime.

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News18 India broke the news in India on Wednesday, February 1, 2023.
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