Budget 2023: Here's why FM Sitharaman should rejig the Income Tax slabs and exemption limits

The basic income tax exemption limit in India is Rs 2.5 lakh annually. Further, under Section 87A of the Income-tax Act, 1961, an individual with an annual taxable income of up to Rs 5 lakh is eligible for an income tax rebate of Rs 12,500. This provision is available under both old and new income tax regimes. This essentially means that individuals with a net taxable income of up to Rs 5 lakh, are entirely exempted from income tax. ET NOW’s Vikram Oza speaks with I-T experts Anand Rathi’s Feroze Azeez and CA Naveen Wadhwa over Income Tax slabs and exemption limit. Listen-in!!!