Taxes: Change of track to bring some cheer, but cost others dear

Sweeping changes in direct taxes gave the urban middle class plenty of reason to cheer, but also hit the wallets of others. The clear plus is in the form of an increase in standard deduction under the new regime for salaried employees from Rs 50,000 to Rs 75,000, which saves Rs 7,500 a year for those with annual incomes of Rs 10 lakh or more.

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