Finance Minister Arun Jaitley, while presented the Union Budget 2017 on Wednesday. He announced tax rate cut from 10 per cent to 5 per cent.

“Income tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh cut to 5 per cent from 10 per cent,” said Arun Jaitley.

“Persons with income between Rs 50 lakh and Rs 1 crore to pay an additional surcharge of 10 per cent,” added Arun Jaitley.

The surcharge of 15 percent will stay for all earning Rs 1 crore and above. The increase in surcharge will help the government earn more.

Finance Minister further said that "the government plans to enforce greater accountability on tax officer."

“I have outlined in the budget an overarching theme to transform, energise and clean India,” said the finance minister.

(Video Source: NTV Telugu)

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