Income Tax Day is celebrated every year on the 24th of July to tell the importance of Income tax filing. This day aims to encourage more and more people to pay taxes on time for the nation's development.

In a tweet, the Finance Minister stated that "Under the new tax regime, individuals with an annual income up to Rs 7 lakh are exempt from paying income tax. Additionally, with the inclusion of marginal relief provisions, this threshold effectively increases to Rs 7.27 lakh.