Finance Minister Nirmala Sitharaman on Wednesday while presenting the Budget 2023, announced Income Tax rebate limit increase to Rs 7 lakh from Rs 5 lakh and said that the new tax regime will be the default tax regime.

Sitharaman who presented the last budget of the incumbent Bharatiya Janata Party government announced an increase in the income tax rebate limit from Rs 5 lakh to Rs 7 lakh under the new tax regime.