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.from Business News: Latest News on Business, Stock Markets, Financial News, India Business & World Business News http://bit.ly/2WIMPpU
