Everyone had hoped that income tax rates would be reduced and exemption limits would be raised. Three years ago, the finance minister had committed to slowly bringing down the corporate tax rate to 25%. And for those non-salaried individuals who earn more than Rs 50 lakh, there are other and easier methods of getting them to comply. This rate of surcharge is less than the punishment for being caught for evading taxes.Overall, the budget gives hope. Advanced tax collection in personal income tax is up by 34.8%.

Source: Times of India February 02, 2017 00:45 UTC