The Ministry of Finance announced a significant development in personal income tax benefits through a post on X, indicating the fulfilment of promises made in the Finance Act, 2023.
Ministry of Finance posted on X, "Benefits in Personal Income Tax! Vide Finance Act, 2023, Section 87A of the Income-tax Act, 1961 has been amended to allow rebate to tax resulting in no tax liability to persons having income up to Rs. 7 lakh. (1/5) #PromisesDelivered"
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