- The code proposes to exempt the general tax payer from paying income tax if his income is Rs 1,60,000 in a year.
- He would pay just 10 per cent up to Rs 10 lakh,
- 20 per cent beyond that and Rs 25 lakh
- 30 per cent beyond Rs 25 lakh.
- The code also proposed to increase tax deduction on savings to Rs 3 lakh.
My source : http://ibnlive.in.com/news/new-tax-code-proposes-drastic-cut-in-it-rates/99086-7.html