Income Tax, Who pays more?

Tax exemption of up to ₹50,000 interest earned from bank deposits and Post Office schemes saves almost ₹15450 tax of senior citizen. ₹40,000 standard deduction has been announced for salaried individuals. But medical reimbursement of ₹15,000 per annum and the transport allowance of ₹19,200 per annum are withdrawn by the Gov. Also health and education cess are increased from 3% to 4%. Income having ₹60 lakh per annum will pay ₹13,354 more, ₹1.2 crore will pay ₹33,868 more, above ₹10 lakh with 30 percent tax rate will shell out ₹2,625 more,  ₹5 to ₹10 lakh with 20 percent tax rate will lose ₹1125,  and ₹2.5 lakh to ₹5 lakh will have to pay only ₹25 more in their income tax.readmore@Economic Times