Arun Jaitley halves tax rate for individuals earning Rs2.5-5 lakh

Arun Jaitley says India largely a tax non-compliant country.

From 8 November to 30 December ((demonetisation period), deposits between Rs2 lakh and Rs80 lakh were made in 1.09 crore bank accounts.

We are committed to make taxation rates reasonable. This approach will change the colour of money.

Due to demonetisation, advance tax on personal Income tax increased by 34.8%.

24 lakh people show income above Rs10 lakh in 2016. 1.7 crore people file income tax returns out of 4.2 crore salaried people.