The budget and your income tax
The tax rate for individuals earning between Rs2.5 lakh and Rs5 lakh was cut to 5%, and the tax obligation for everyone was brought down by Rs12,500
Acting along expectations of the common man, especially after demonetization, the government has reduced the personal income tax rate for those in the tax slab of ₹ 2.5 lakh to ₹ 5 lakh to 5% from 10% earlier.
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