What is exemption limit for employee as per new tax regime?

The exemption limit in Income Tax is the income level below which individuals are not liable to pay income tax. It represents the income amount up to which individuals are exempt from tax obligations and are not required to pay any tax on their earnings.

As per the new tax regime, under section 87/A, an employee with a taxable income of less than Rs 700,000/- is exempted from paying tax. 

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