Presenting the Union Budget 2017 in Lok Sabha today, Finance Minister Arun Jaitley announced important changes in the Income Tax slab. Personal income tax in Rs 2.5 lakh - 5 lakh bracket has been reduced to 5 per cent from 10 per cent. Apart from lowering Income Tax rates, one of the major highlights of Jaitley's Budget proposal was new rules concerning political donation. Although the finance minister made some populist announcements in his Budget, tax rates on certain items have also been hiked. WATCH: Why Budget 2017 is important: All you need to knowALSO READ:Union Budget 2017-18: Income Tax rate halved to 5 per cent for Rs 2.5-5 lakh slabHow Budget 2017 crossed four major hurdles to create historyRailways in Union Budget 2017: Cheaper e-tickets, bio-toilets in all coaches; what else Jaitley said

Source: India Today February 01, 2017 09:19 UTC