For Individuals:

1. Income tax rates will be significantly reduced for those who forego reliefs, exemptions

Income between

1) Rs 5 to 7.5 lakh tax reduced from 20% to 10%

2) Rs 7.5 to 10 lakh tax reduced from 20% to 15%

3) Rs 10 to 12.5 lakh reduced from 30% to 20%

4) Rs 12.5 to 15 lakh reduced from 30% to 25%

5) Greater than 15 lakh, 30%

2. Income tax rates will not change for those earning above ₹15 lakh and they will continue paying 30%.

For Corporates:

3. Tax audit under section 44AB limit increased to 5 crore from 1 crore.

4. DDT (dividend distribution tax) to be removed. Dividend shall be taxed at the hands of the recipients.