'Chuna laga diya': New tax regime with rebate upto Rs 7 lakh ignites memefest

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New income tax regime has seen a major revamp in the income tax slab rates for 2023-24. The basic exemption limit under the new income tax regime has been hiked to Rs 3 lakh. The income tax rebate limit available for salaried and individual taxpayers under the new income tax regime has been hiked to Rs 7 lakh from the present Rs 5 lakh.


In a major relief for the middle class, now those earning Rs 7 lakh a year will not have to pay any income tax from this fiscal under the new tax regime, said Finance Minister Nirmala Sitharaman while presenting the Union Budget 2023.


"Currently, those with an income of Rs 5 lakhs do not pay any income tax and I proposed to increase the rebate limit to Rs 7 lakhs in the new tax regime," the Finance Minister said while presenting the Budget.

The new tax rates are 0 to Rs 3 lakhs - nil, Rs 3 to 6 lakhs - 5%, Rs 6 to 9 Lakhs - 10%, Rs 9 to 12 Lakhs - 15%, Rs 12 to 15 Lakhs - 20% and above 15 Lakhs - 30%.

Under the old system, income up to Rs 2.5 lakh is exempt from personal income tax. Income between Rs 2.5 lakh and Rs 5 lakh attracts 5 per cent tax, while 20 per cent tax is levied for income between Rs 5 lakh and Rs 10 lakh. Income above Rs 10 lakh is taxed at 30 per cent.

The increase in income tax rebate to Rs 7 lakh after so many years made netizens, specially from the middle class, ecstatic. The internet erupted into memes post the announcement.





Irony


Finally the day middle class was waiting for has arrived



The wait is over




Really beneficial to the middle class?







Meanwhile, opposition..


Enough said