Top 5 Income Tax Changes and Slab Rates from Budget 2017

The Indian Budget for 2017 has been announced a couple of days back and Finance Minister Mr. Arun Jaitely announced some Income tax reforms, amendments, and relief for personal income tax payers of India in his budget 2017 speech. The most important of them are 5% tax on the lowest slab i.e. 2.5 lakhs to 5.0 lakhs instead of 10%. This change will impact most of the tax payers in India as data provided in the budget, total 3.7 crore people filed income tax returns in 2015-16 and out of those almost 2 crore was in the range of 2.5 lakh to 5 lakh.