Finance Minister Arun Jaitley did not touch the Income Tax Exemption Slab in his just tabled budget but still managed to bring cheer to the majority Middle-Class Income Tax Payers. The Tax Rate on the 2.5 Lakh to 5 Lakhs Income Group was brought down to 5% from the existing rate of 10%
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There is already an Income Tax Rebate of 2500 for every Tax Payer. That means people who have income up to 3 Lakhs will be completely Income Tax free and the those earning from 3 Lakhs to 5 Lakhs will have to pay Income Tax only half to the existing rates.
This is to motivate people to pay their Taxes right and increase the Tax Base. From 3.7 Crore individuals who filed Returns last year. 99 Lakhs showed Income below the Exemption Limit of 99 Lakhs. 1.95 Crore People are between 2.5 Lakh to 5 Lakh Income and only 24 Lakh above 10 Lakhs Income Limit.
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