The people in the high-income group will have to pay more taxes as Finance Minister Nirmala Sitharaman on Friday said that "tax rates for individuals having taxable income from Rs 2 crore to Rs 5 crore and Rs 5 crore and above would be increased by around 3 per cent and 7 per cent respectively."

The tax rates and slabs remain unchanged for other categories of income payers. In February before going to the polls, Prime Minister Narendra Modi led government had given relief to income tax payers including no tax for those whose annual income is up to Rs 5 lakh.