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

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

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

Also read this...

  • Taxpayers account for just about 1% of India’s population
  • Annual Budget 2016 – Will the income tax slab increase? Or, will it not?
  • Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers
  • Income Tax Return Forms ITR 1, 2 and 4S Simplified for Convenience of the Tax Payers
  • IT Returns early to avoid the rush closer to the last date of filing – Income Tax Department
  • Raise Personal Income Tax Exemption Limit to Rs 4 lakh – Assocham
  • Here’s what to expect from Budget 2017 for the salaried class
  • Key Features of Budget 2016-2017 : Official pdf Download
  • Extension of date of filing of Income Tax Return throughout India – CBDT

    • Tagged With: Filed Under: INCOME TAX

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