- Nil Tax paid by those earning Rs 3 lakh or less
- 5% The new tax slab for those earning under Rs 5 lakh
- Rs 12,500 Minimum tax savings for all taxpayers
- Rs 3,900 Additional tax paid by anyone earning above Rs 50 lakh
This year’s budget showered benefits on a vast majority of Indians. For most taxpayers, a portion of finance minister Arun Jaitley’s speech must have been music to the ears, when he said, “I propose to reduce the existing rate of taxation for individual assessees between incomes of Rs 2.5 lakh to and Rs 5 lakh to five per cent from the present rate of 10 per cent. This would reduce the tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50 per cent of their existing liability.” But, the benefits under the personal taxation ended right after this statement
On the flipside, the rebate on tax payable of Rs 5,000 now stands...