Finance Minister Arun Jaitley on Wednesday said there will be zero tax liability for people earning up to ₹3 lakh per annum. Further, income tax for those earning ₹2.5-5 lakh per annum was halved to 5%. He also announced surcharge of 10% for people earning between ₹50 lakh-₹1 crore, and that 15% surcharge on income above ₹1 crore will continue.