Union Budget 2017: Income Tax Rates Dropped, Relief For Persons Earning Up To Rs 50 Lakh

Finance Minister Arun Jaitley today halved the income tax rate for persons earning between Rs 2.5 lakh and 5 lakh to 5 per cent, from the earlier rate of 10 per cent. This means tax benefits of up to Rs 12,500, considering that persons in other income tax slabs of 20 per cent (income between Rs 5 lakh and Rs 10 lakh) and 30 per cent (income above Rs 10 lakh) will also pay lower tax. (Check your income tax liability for assessment y...