Increase In Tax Rebate Limit: The government has recently announced an increase in the tax rebate limit, benefiting individuals with a total income of up to Rs. 7 lakh. The rebate, which falls under Section 87A of the Income-tax Act, 1961 will be up to Rs. 25,000, effectively exempting individuals earning up to Rs 7 lakh annually from paying taxes. The primary goal of this decision is to ease the tax burden on individuals with lower incomes, thus offering them some respite. This enhanced rebate limit will take effect from financial year 2022-23 onwards, and is expected to benefit a considerable number of taxpayers throughout the country. This will be applicable for only new tax regime.