The Finance Minister has provided much expected relief in personal income taxes. Given the increasing cost of living, medical, education and housing, the relief may not be adequate but is a move in the right direction. While there is no change to the individual tax rates, the tax liability for individuals will reduce owing to a higher threshold exemption limits and revised income slabs. Type of tax payer Income slabs Tax Payable Resident Senior Citizens 0 – 2,25,000 NIL 2,25,001 – 3,00,000 10% 3,00,001 – 5,00,000 75,00 + 20% of income above 3,00,000 5,00,001 & above 47,500 + 30% of income above 5,00,000 Resident Women below 65 years 0 – 1,80,000 NIL 1,80,001 – 3,00,000 10% 3,00,001 – 5,00,000 12,000 + 20% of income above 3,00,000 5,00,001 ...