Union Budget 2023: 1 crore in Rs 5-7L income range set to gain from new tax regime

Close to one crore individuals in the Rs 5-7 lakh income range stand to gain from the government’s decision to increase the rebate level to Rs 7 lakh under the new tax regime, data available with the finance ministry showed. Several of these individuals are unable to use the benefits available for investment in specified savings instruments, such as public provident fund or 5-year fixed deposits, increasing their tax liability, government sources told TOI.