Which of the following statements regarding the changes in income tax slabs in the Union Budget 2024-2025 is/are correct?
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The income tax slab for income between Rs 0-3 lakh is nil, and for Rs 3-7 lakh, it is 5%.
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The standard deduction limit in the new tax regime has been hiked to Rs 75,000 from Rs 50,000.
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The new tax regime became effective from FY22.
1
Only statement 1 is correct.
2
Only statement 2 is correct.
3
Only statement 1 and 2 are correct.
4
Only statement 2 and 3 are correct.
5
All statements are correct.