The middle classes will be benefited if the govern... moreThe middle classes will be benefited if the government accepts proposals by the task force on the simplification of direct tax legislation. The task force has proposed five tax slabs. People having income up to ₹5 lakh will have to pay zero tax. Those earning between ₹5-10 lakh can save up to ₹37,500 a year. Those earning between ₹10- 20 lakh can expect a benefit of about ₹1 lakh. A person earning ₹2 crore can hope to save around ₹8.5 lakh. If accepted, these proposals will come as a big relief for the middle classes, especially those earning between ₹5 lakh and Rs10 lakh a year.
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