Watch: How new tax proposals will bring cheer to the middle class

A draft report on a new direct tax code recently submitted to the Finance Ministry contained recommendations for revising income tax slabs. In case the government implements these recommendations, the revised regime would come as great news for the middle class. Watch the full video to know how the proposed slabs will affect you - with those whose annual income is up to Rs 5 lakh continuing to pay zero tax, while those between Rs 5 and Rs 10 lakh will have the option to save up to Rs 37,500. In case your income is between Rs 10 lakh and Rs 20 lakh annually, you can hope to save up to Rs 1 lakh.