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As per Union Budget 2023, the rebate limit for individual taxpayers under the new tax regime increased from ₹5 lakh to ₹_____ a year.

1. 6 lakh
2. 7 lakh
3. 8 lakh
4. 9 lakh

Correct answer: 7 lakh

Solution

Union Budget 2023-24 raised the income tax rebate limit under the new tax regime from ₹5 lakh to ₹7 lakh per annum, benefiting middle-class individual taxpayers.

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