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    Question

    Which of the following statements is/are not correct in

    regards to Direct Taxes in budget 2023-24? 1.    6 income slabs has been reduced to 4 income slabs 2.    Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh 3.    Agniveers enrolled in Agnipath Scheme, 2022 is proposed to be exempt from taxes
    A 1 only Correct Answer Incorrect Answer
    B 2 only Correct Answer Incorrect Answer
    C 3 only Correct Answer Incorrect Answer
    D 1 & 3 Correct Answer Incorrect Answer
    E None Correct Answer Incorrect Answer

    Solution

    Tax structure in new personal income tax regime, introduced in 2020 with 6 income slabs, to change by reducing the number of slabs to 5 and increasing the tax exemption limit to Rs. 3 lakh. Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh from the current Rs. 5 lakh in the new tax regime.  payment received from the Agniveer Corpus Fund by the Agniveers enrolled in Agnipath Scheme, 2022 is proposed to be exempt from taxes.

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