Sitharaman also announced that the new regime, henceforth, will be the default one, even though taxpayers will have the option of choosing the old one
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In this government’s last full Budget before the general elections in 2024, Minister of Finance Nirmala Sitharaman lavished sops on the salaried middle class, exempting those earning up to Rs 7 lakh per annum from paying any taxes. So far, incomes of Rs 5 lakh were entitled to such a rebate. The minister has also reduced the number of tax slabs, from six to five, and increased the exemption limit to Rs 3 lakh for those who have opted for the new regime (see graphics).