What this means A person earning R 15 lakh a year and not availing any deductions ( investments), etc. will pay only R 1,95,000 compared to R 2,73,000 in the old regime, with a savings of R 78,000. A person currently availing deductions and exemptions may choose to avail of them and continue to pay tax under the old regime.

R 5 lakh assured if bank shuts Good news for bank depositors as the Deposit Insurance Coverage in case a bank shuts down will increase from R 1 lakh to R 5 lakh. FM Nirmala Sitharaman has also stated that a robust mechanism is in place to monitor the health of all Scheduled Commercial Banks and that depositorsu2019 money is safe. Recently, after the Punjab Maharashtra Co- operative Bank fiasco where depositors feared losing their money, many are now hoping this will ensure that R 5 lakh will be given to them instead of R 1 lakh.