20 million Indians just got a 50% tax cut

20 million Indians just got a 50% tax cut

Twenty million Indians just got a 50% break on their taxes. The country's annual budget, rolled out Wednesday by Finance Minister Arun Jaitley, slashes the tax rate from 10% to 5% on income between 250,000 rupees ($3,700) and 500,000 rupees ($7,400). The change means that the roughly 20 million Indians with incomes within that bracket will see their tax liability halved next year. Indians earning less than 250,000 rupees do not pay income tax.

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