During the Union Budget 2017-18, Finance Minister Arun Jaitley had proposed several changes to personal income tax and also introduced some amendments in the Finance Bill. Last Wednesday, the Lok Sabha completed the budgetary exercise for the next financial year, and cleared the Finance Bill. Also, the amendments introduced in the Finance Bill was also passed by the Lok Sabha. Beginning 1 April, 2017, here are the 10 important income-tax changes that tax payers need to take note of: 1) For employees in the yearly income group between Rs 2.5 and Rs 5 lakh, tax rate has been halved to 5 percent from the existing 10 percent, helping them save tax of up to Rs 12,500 a year, according to The Economic Times . A tax saving of Rs 14,806 a year, including surcharge and cess, will be available for income above Rs 1 crore a year. And for people whose taxable income is between Rs 5 lakh and Rs 50 lakh, tax savings amount to Rs 12,900. Finance Minister Arun Jaitley. PTI file photo. 3)