1. Existing rate of tax for individuals between Rs. 2.5- Rs 5 lakh is reduced to 5% from 10%. 2. All other categories of tax payers in subsequent brackets will get a benefit of Rs 12,500. 3. Simple one page return for people with an annual income of Rs. 5 lakh other than business income. 4. People filing I-T returns for the first time will not come under any government scrutiny. 5. Ten % surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15 surcharge on individual income above Rs. 1 crore to remain.
