

The Modi government of the country has given a big relief to the salaried people in the latest full budget. Presenting the budget in Parliament, Finance Minister Nirmala Sitharaman has announced income tax exemption of up to Rs. 7 lakhs for the general public, which means that now those earning up to Rs. 7 lakhs will not have to pay income tax. However, to benefit from this, a new tax regime will have to be chosen.
In fact, till now there was no tax for those earning up to Rs. 5 lakhs, but now even those earning up to Rs. 7 lakhs will not have to pay any tax at all. In other words, there was an exemption of up to Rs 5 lakhs in the new and old tax rebate, which has now been increased to Rs 7 lakh. Along with this, the tax exemption limit has been increased from Rs 2.5 lakh to Rs 3 lakh. Middle-income earners will also benefit from this.