The annual minimum amount not taxable has been marginally increased by Rs.10,000 i.e. from Rs 150,000 to Rs. 1,60,000. Corresponding for females this limit has increased from Rs 180,000 to Rs 190,000. For senior citizens, the amounts have increased by Rs 15,000 i.e. from Rs 225,000 to Rs 240,000. The good news is that 10% surcharge on income above Rs 10,00,000 has been removed. However, the education cess remains. While there was some lobbying to reduce the top tax rate, the peak rate of 30% is unchanged. With surcharge being abolished, the maximum effective tax rate is now 30.9% as against 33.99%.
http://business.in.com/article/changing-lanes/the-bootleg-baron/1422/1
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