Individual taxpayers having taxable annual income up to ₹5 lakhs will get full tax rebate and therefore will not be required to pay any income tax.

💥CLARIFICATION💥

Individual taxpayers having taxable annual income up to ₹5 lakhs will get full tax rebate and therefore will not be required to pay any income tax.

As a result, even persons having gross income up to ₹6.50 lakhs may not be
required to pay any income tax if they make investments in provident funds, specified savings, insurance etc. 

In fact, with additional deductions such as
interest on home loan up to ₹2 lakh, interest on education loans, National
Pension Scheme contributions, medical insurance, medical expenditure on
senior citizens etc.....

Persons having even higher income will not have to pay any tax.
 This will provide tax benefit of ₹18,500 crore to an estimated 3 crore
middle class taxpayers comprising self employed, small business, small traders, salary earners, pensioners and senior citizens......

The 5 lakh tax rebate dissected:

Say u earn above ₹5 Lakh /yr. Let's keep it ₹6 lakh.

₹6,00,000 - ₹2,50,000 = ₹3,50,000 [u pay tax on this now] 

NOT on ₹6,00,000 - ₹5,00,000 = ₹1,00,000

Basically, all those earning above


₹41,667 per month, you're paying the same tax as you did with ₹2.5 lakh rebate.....

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