Budget 2017 – Tax proposals explained – the impact of the Tax proposals for the Individual and Corporate Tax payers: 1. Tax Rate slashed for small tax payers: Personal Income Tax slab reduced for individual ttax payers having taxable income between 2.5 lakhs to 5 lakhs to 5% instead of present 10%. This will provide a flat rebate of INR 12,500 to the entire 1.92 crore individual tax payers. Adding up the education cess and higher education cess to this savings, the gross savings for most of the tax payers…
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