Income Tax Burden On Middle Class To Reduce Significantly: Suresh Prabhu

Union minister Piyush Goyal presented the election year Interim Budget in parliament today and announced major relief for farmers and individual taxpayers. Income tax payers earning up to Rs 5,00,000 will get a full tax rebate, while those earning up to Rs 6,50,000 will not need to pay tax if they invest in the country's provident funds and prescribed equities. Mr Goyal said this could benefit as many as 30 million middle class taxpayers. Anyone earning more will be taxed at the prevailing rates. "Income tax relief has been provided to the section that was hitherto suffering. They will now pay lower tax. The income tax burden on middle class be reduced significantly," Union Minister Suresh Prabhu said.