<h1>Govt Cuts Tax Rate to 5% for Incomes Rs. 2.5-5 Lakh; New One-Page Return Form Introduced.</h1> The Finance Minister announced a reduction in the tax rate from 10% to 5% for individual incomes between Rs. 2.5 lakh and Rs. 5 lakh, aiming to lessen the tax burden on honest taxpayers and salaried employees. A simplified one-page tax return form will be introduced for individuals with taxable income up to Rs. 5 lakh, excluding business income. Additionally, a 10% surcharge is proposed for individuals earning between Rs. 50 lakh and Rs. 1 crore to offset revenue losses. The measures are expected to result in a net revenue loss of Rs. 20,000 crore, with the government encouraging more people to enter the tax net.