Choose correct statements regarding Taxes under Union Budget 2023–24.

1. Rebate limit of Personal Income Tax to be increased to Rs. 7 lakh from the current Rs. 5 lakh in the new tax regime.

2. New co-operatives that commence manufacturing activities till 31.3.2024 to get the benefit of a lower tax rate of 13 per cent, as presently available to new manufacturing companies.