Income Taxes Down again?

If Economic Times is to be believed, direct taxes are to go down once again. The tax exemption limit is expected to be raised to 1,50,000 from existing 1,10,000 and slabs are expected to be 10% for 1.5 lacs to 2.5 lacs, 20% for 2.5 to 5 lacs and 30% for above 5 lacs.

In this scenario, the taxes paid will be reduced by significant amounts for everybody. For example if I pay taxes for an income of 3.15 Lacs, I have to pay almost 43,500 + 10% surcharge making it almost Rs 48,000. But in the new scenario, the taxes come out to be:

(2,50,000 - 1,50,000) x 10%
+(3,15,000 - 2,50,000) x 20% = 10,000 + 13,000 =23,000.

Plus, this is also a possibilty that the surcharge is removed. Even if its not, tax will be 23,000 + 2,300 = 25,300, which is less than salary of a month.

Now, all we can do is hope that the ET guys have got the right news.