There will be no tax for income upto Rs 1.6 lakh. The earlier slab was 1.6 - 3 Lakh
For income between 1.6 lakh - 5 lakh, the tax liability will be 10%. The older slab was 3-5 lakh.
For income between 5 lakh - 8 lakh, the tax liability will be 20%. The earlier slab was 5 lakh.
Individuals with income of above 8 lakh will have tax liability of 30%.
Additional investment of 20K in infra bonds over and above Rs 1 lakh in 80C
The entire opposition walked out of the Lok Sabha during the presentation of budget by Finance Minister Pranab Mukherjee, dubbing it "highly inflationary".
Epilogue : The budget impact begins with fuel price hike.The price hike will be effective from mid night.