The hike in income tax exemption limit by up to Rs 15,000 will definitely make the middle-class happy, but the high-income category — those earning over Rs 10 lakh a year — is in for a bonanza. For an individual earning Rs 20 lakh a year, the abolition of 10 per cent surcharge will lower the tax burden by Rs 4,420 a month.

Tax experts said the effect of doing away with the surcharge will be 10.3 per cent for the above Rs 10-lakh-income group since the education cess of 3 per cent on the surcharge will also go.

Source: Indian Express Link Below