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Tax on income reduced from 10 per cent to 5 per cent - Budget 2017



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
Tax on income reduced from 10 per cent to 5 per cent - Budget 2017 Tax on income reduced from 10 per cent to 5 per cent - Budget 2017 Reviewed by Unknown on February 03, 2017 Rating: 5

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