Along with this, the Union Minister announced to issue a simple ITR form. He said that it was being demanded for a long time and now with the issuance of simple ITR form, it would be easier for people to file tax returns.

Tax rebate increased, no tax on income of Rs 3 lakh

In the new tax regime, the tax rebate limit has been increased to Rs 7 lakh. The tax exemption limit has been increased to Rs 3 lakh.

Simple ITR Forms

Next Generation Common IT Return Forms will be issued. This will simplify the process of filing ITR.

Pradhan Mantri Kaushal Vikas Yojana 4.0

The fourth phase of the scheme will start to teach skills to lakhs of youth in the next three years. Many courses will be added to the training along with the job. AI Robotics, Three Printing will be included in this. 30 Skill India centers will be built. 47 lakh youth will be given stipend in the next 3 years.

The post Income Tax Budget Live Update: Tax rebate announced on income of Rs 7 lakh, no tax on income of Rs 3 lakh first appeared on Rightsofemployees.com.