Tax Relief:
No tax on income up to Rs 7 lakh a year. Increase rebate limit to 7 lakh on personal income tax: Only 5% tax on Income of 9 lakh in new regime.
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ITR processing period reduced: The income tax returns processing period has been reduced by 16 days. New I-T return forms introduced: The government has introduced new Income Tax return (ITR) forms for easier filing of returns.
