Finance minister Arun Jaitley announced a reduction in personal income tax limits, while presenting the Union Budget on Wednesday. The move is aimed at softening the impact of demonetisation.
In his budget speech finance minister Jaitley said, “I propose to reduce existing rate of taxation of those with income between 2.5 lakh to 5 lakh from 10% to 5%.”
Readers can calculate their tax liability for the coming financial year below:
*Tax calculator does not take into account all eligible rebates