Making the new income tax regime the default option was one of several changes to the country’s income tax structure that India’s finance minister Nirmala Sitharaman proposed in her Budget 2023 speech. The FM also made modifications to the tax structure under this regime by lowering the number of slabs to five and raising the tax exemption threshold to ₹3 lakh, in addition to raising the rebate ceiling from ₹5 lakh to ₹7 lakh. The new income tax regime was also declared the default tax regime in Budget 2023, however, residents would still be able to avail the benefits of old tax regime.
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