Stressing that tax concessions have been provided with a view to help poor and middle class people living on a tight budget, Finance Minister Piyush Goyal on Tuesday said that now individuals earning up to Rs 9.5 lakh can escape liability by taking advantage of saving schemes.
Replying to the debate on the Finance Bill in LokSabha, the Minister said he did not propose any change in the tax rate but only provided few rebates which will boost spending and help the economy.
The Finance Bill, which contains tax proposals, was passed by the LokSabha with voice vote, completing the budgetary process in the lower house.