While speaking on Union Budget 2023-24, the Chairman of the Central Board of Direct Taxes, Nitin Gupta, on February 03 said, “Old tax regime is untouched, we have a modified new regime. The new tax scheme proposed in the budget is beneficial for everyone, including those earning Rs 5-7 lakh, as they will get tax exemption. Govt to bear Rs 25,000 tax on Rs 3-7 lakh income.” “If salary is Rs 7 lakh and above, there is a standard deduction of Rs 50,000.
