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Pay tax online: Finance act 2023 amends section 87a, no tax liability for incomes up to Rs 7 lakh

The Ministry of Finance has announced a significant change in personal income tax benefits, implementing an amendment to Section 87A of the Income-tax Act, 1961. This amendment allows a rebate to be taxed, ensuring no tax liability for individuals with income up to Rs. 7 lakh. This move aligns with the government s commitment to easing the tax burden on the middle-income segment.

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Business News | Major Personal Income Tax Relief: Finance Act 2023 Amends Section 87a, No Tax Liability for Incomes Up to Rs 7 Lakh

Get latest articles and stories on Business at LatestLY. 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" Business News | Major Personal Income Tax Relief: Finance Act 2023 Amends Section 87a, No Tax Liability for Incomes Up to Rs 7 Lakh.

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Major personal income tax relief: Finance act 2023 amends section 87a, no tax liability for incomes up to Rs 7 lakh

Major personal income tax relief: Finance act 2023 amends section 87a, no tax liability for incomes up to Rs 7 lakh
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