FM Pranab Mukherjee has revised the Income Tax rates which is a huge benifit to Common man the new slabs are as below.
Slab
No tax for income up to Rs 1.6 lakh
For income between Rs 1.6-5 lakh, the tax liability will be 10 per cent
For income between 5 lakh - 8 lakh, the tax liability will be 20 per cent
Individuals with income of above 8 lakh will have tax liability of 30 per cent.
So this a budget that has made the common man happy and a reason to spend. so guys just cheer and enjoy the savings that will be generated but do keep in mind to invest wisely and secure your future.
