What does the Union Budget 2017 mean for taxes?
Finance Minister Arun Jaitley, while presenting the Union Budget, announced that income tax for people earning ₹2.5-₹5 lakh per annum has been halved to 5%. Further, there'll be zero tax liability for people earning less than ₹3 lakh per annum. Moreover, for companies with annual turnover of up to ₹50 crore, the tax rate was reduced to 25% from 30%.