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As per the new tax regime of India, what is the exemption limit of income tax for financial year 2022-23?

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SSC MTS Previous Year Paper (Held on: 5 July 2022 Shift 2)
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  1. Up to ₹5,00,000
  2. Up to ₹1,00,000
  3. Up to ₹7,50,000
  4. Up to ₹2,50,000

Answer (Detailed Solution Below)

Option 4 : Up to ₹2,50,000
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Detailed Solution

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The correct answer is Up to ₹2,50,000

Key Points

Rates of Income Tax under the old regime:

Total Income Tax rate
Upto ₹ 2,50,000 Nil
From ₹ 2,50,001 to ₹ 5,00,000 5%
From ₹ 5,00,001 to ₹ 10,00,000 20%
Above ₹ 10,00,000 30%

Additional InformationThe tax rates under the New Tax Regime as per section 115BAC are as under:

Total Income Income Tax
Upto ₹ 2,50,000 Nil
From ₹ 2,50,001 to ₹ 5,00,000 5%
From ₹ 5,00,001 to ₹ 7,50,000 10%
From ₹ 7,50,001 to ₹ 10,00,000 15%
From ₹ 10,00,001 to ₹ 12,50,000 20%
From ₹ 12,50,001 to ₹ 15,00,000 25%
Above ₹ 15,00,000 30%

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