Finance Minister Arun Jaitley has made a few minor tweaks in personal tax in an effort to ease the demonetisation pain. He reduced the tax rate to 5 percent from 10 percent for those with taxable income of Rs 2.5 lakh to Rs 5 lakh and also cut the rebate to Rs 2,500 from Rs 5,000.
The tax rate cut will be beneficial for all tax payers.
If you are still confused as to how much your tax will be next year, here is a simple tax calculator designed by us. Check it out: