Key Points
, recommends increasing the. basic exemption limit..
RSM India founder has pointed out that the current basic exemption limit of Rs 2.5 lakh has remained unchanged since 2014...
In light of the persistent high inflation and the escalating cost of living since the last revision, there is a strong case for increasing the basic exemption limit to Rs 3.5 lakh, he said...
Under the new tax regime, the basic exemption limit has increased from Rs 2.5 lakh to Rs 3 lakh, a rise of Rs 50,000..
If you opt for this new regime for the fiscal year 2023-24, it's not mandatory to file returns if your gross taxable income is below Rs 3 lakh..
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