As per the new tax regime of India, what is the exemption limit of income tax for financial year 2022-23?
This questions was previously asked in
SSC MTS 5th July 2022 Shift-2
Up to Rs2,50,000
Correct AnswerUp to Rs5,00,000
Incorrect AnswerUp to Rs1,00,000
Incorrect AnswerUp to Rs7,50,000
Incorrect AnswerExplanation:
- The exemption limit for income tax in India under the new tax regime for the financial year 2022-23 is up to Rs2,50,000. This means no tax is payable for income up to this amount.
- Option 1, Up to Rs2,50,000, is the correct answer.
- Option 2, Up to Rs5,00,000, refers to a rebate under Section 87A, where income after deductions is effectively tax-free up to Rs5,00,000.
- Option 3, Up to Rs1,00,000, does not relate to an exemption limit under the current tax regime.
- Option 4, Up to Rs7,50,000, is too high and does not represent an exemption or rebate limit.
![]()
By: santosh