Now, Less Than 1% Of Indians Are Going To Have To Pay Income Tax

Less than 30% of income-tax assesses--or just 1.05 crore people--will effectively be paying income tax from now. This means that less than 1% of the country will pay income tax.

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Following Finance Minister Arun Jaitley's decision to reward tax-compliant individuals and firms with tax breaks after demonetisation, people with incomes under Rs4.5 lakh could effectively pay zero tax; FM Jaitley halved the tax rate for individual assesses with incomes of between Rs2.5 lakhs and Rs5 lakhs to 5% from 10%, while for everyone else under Rs 5 lakh, the tax liability would reduce to either 0 or 50% of their existing liability.