Budget 2017 decoded: Who gained and who lost in Jaitley’s tax proposals | Table

Budget 2017-18 may not have met the high expectations, especially in the backdrop of demonetisation, but it did bring some relief for everyone. The government has reduced the personal income tax rate for those in the tax slab of Rs 2.5 lakh to Rs 5 lakh to 5% from 10% earlier, which translates into a saving of Rs 12,500 (without including cess) for everyone.

Budget 2017-18 may not have met the high expectations, especially in the backdrop of demonetisation, but it did bring some relief for everyone. The government has reduced the personal income tax rate for those in the tax slab of Rs 2.5 lakh to Rs 5 lakh to 5% from 10% earlier, which translates into a saving of Rs 12,500 (without including cess) for everyone.

In this photograph taken on November 17, a woman holds Rs 2000 notes as she has her finger marked with indelible ink after exchanging 500- and 1000- rupee banknotes at a bank in Chennai. (AFP)

For those earning up to Rs 5 lakh, the savings are a lot more. The reduction in the first tax slab along with a rebate of Rs 2,500 for income up to Rs 3.5 lakh means that if your annual income is Rs 3 lakh, you don’t pay any taxes.