With the slabs for personal income tax having been changed in the Union Budget for 2010-11, individuals with an annual taxable income of below Rs 8 lakh stand to gain between Rs 10,300 and Rs 50,000 a year. Among these, those who stand to benefit the most are individuals who earn above Rs 3 lakh and below Rs 5 lakh because they now pay income tax at the rate of 10% rather than the earlier 20%. Moreover, those who had a net taxable income of above Rs 5 lakh earlier paid income tax at the rate of 30%. Now, those …

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