FM prunes tax rates
Income up to Rs 1.6 lakh - nil; Income above Rs 1.6 lakh and up to Rs 5 lakh - 10 per cent; Income above Rs 5 lakh and up to Rs 8 lakh - 20 per cent; Income above Rs 8 lakh - 30 per cent. The new tax rates offer relief to 60% of tax payers.
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