Wednesday, February 1, 2017

FM disappoints, only marginal relief for salaried taxpayers

Personal income tax for people with income in the slab of 2.5 lakh to 5 lakh to be reduced to 5% instead of 10%. This will reduce their tax liability to half while all other tax payers above this slab will also be benefited in terms of lesser tax of Rs.12,500 per individual.

New Tax Rate for F.Y. 2017-18

Income                                              Tax
Upto 2.5 Lakh                                     NIL
2.5 to 5 Lakh                                       5%

5 to 10 Lakh           :      12,500 + 20% of amount exceeding 5 Lakh
10 Lakh and above : 1,12,500 + 30% of amount exceeding 10 Lakh

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