Pranab Mukherjee made changes to tax slabs. Today it is announced by Pranab Mukherjee that corporate tax payers and individuals will be given substantial benefit by making changes in tax structure. In a major Rs 26,000 crore bonanza,

No tax levied for earnings up to Rs 1.6 lakh while tax of 10 % would be tax for earning up to Rs 5 lakh, 20 % for up to Rs 8 lakh and 30 % beyond it. [smartads]

The exemptions of over and above the existing 1, 00000 would be given on the investment up to twenty Thousand in long term infrastructure bonds.

As per the existing tax structure, no tax levied for earnings up to Rs 1.6 lakh while tax of 10 % would be tax for earning up to Rs 3 lakh, 20 % for up to Rs 5 lakh and 30 % beyond it.