Union Budget 2015-16: No change in income tax rates

Finance Minister Arun Jaitley announced that there will be no change in the personal income tax regime, while presenting his first full year budget in Parliament on Saturday.

The minister, however, said that additional 2 per cent surcharge will be implemented on people earning over Rs 1 crore.

Currently, the government levies no tax on income up to Rs 2,50,000.

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On income above  Rs 2,50,001 to 5,00,000, 10 per cent income tax is imposed. On income between Rs 5,00,001 to Rs 10,00,000, tax is levied at a rate of 20%. On income above Rs 10,00,000, 30 per cent tax is imposed.