Hike in the basic limit from ` 1.1 lakh to ` 1.5 lakh will make a tax saving of ` 4,000 for individuals, ` 6,500 for women assesses and ` 6,000 for senior citizens.
New tax rates for various income levels are as follows:
- 10% on income of ` 1.50-3 lakh;
- 20% on income of ` 3-5 lakh;
- 30% on income above ` 5 lakh