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Wednesday, February 01, 2017

Budget 2017 : Income tax reduced by 5% for Income upto Rs. 5 lakh

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Budget 2017 : Income tax reduced by 5% for Income upto Rs. 5 lakh

Finance Minister announced in the budget speech for 2017-18 today in Lok Sabha, there were legitimate expectations of the salary class after demonetization to reduce the tax burden. He proposed reducing the present rate of income tax from 10 to 5 percent for the first slab of income from 2.5 lakhs to 5 lakh rupees

NEW INCOME TAX RATES 2017-18 (ASSESSMENT YEAR 2018-19)

Total Income Normal Rates of Income Tax

Up to Rs.2,50,000 to Rs.5,00,000 5%

All taxpayers above 5 lakh rupees to get benefit of 12,500 rupees across the board

10% Surcharge on individuals with income between 50 lakh to 1 Crore

Surcharge of 10% for individuals earning between Rs 50 lakh- 1 crore; Surcharge for incomes > Rs 1 crore at 15% to continue

A single one-page form for filing IT returns for taxable income up to 5 lakh rupees

Tax on income from 2.5 lakh to 5 lakh reduced from 10 per cent to 5 per cent

Time period of revising tax return to be reduced to 12 months
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