Finance Minister Arun Jaitley has announced that the personal Income Tax Rate will be reduced from 10% to 5% for those earning between Rs 2.5 to Rs 5.
He also announced 10% surcharge on individual income above Rs 50 lakh and upto Rs 1 Cr. 15% surcharge on incomes above Rs 1 crore will continue
Income tax for smaller companies with turnover up to Rs 50 cr reduced to 25%
Some Important Announcements in the Budget Speech: