Josh is high, but tax savings are small for middle class

Currently, a rebate of Rs 2,500 was available on taxable income of up to Rs 3.5 lakh. But now all those in the Rs 5 lakh income bracket will have nil tax. Such individual taxpayers were earlier paying a tax of up to Rs 13,000, not be payable now. Collectively, it is expected to provide a tax benefit of Rs 4,700 cr to more than three cr earners and pensioners.

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