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Union Budget 2017: Income Tax Rates Dropped, See Details Here

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Union Budget 2017: Income Tax Rates Dropped, See Details Here

Finance Minister Arun Jaitley on Wednesday presented his fourth Budget in Parliament.


Highlights

  1. Tax for annual income between Rs. 2.5 to 5 lakhs reduced to 5% from 10%
  2. Surcharge of 10% on those earning between Rs. 50 lakhs to Rs. 1 crore
  3. For more than Rs. 1 crore income, 15% surcharge to stay
Finance Minister Arun Jaitley today announced some income tax changes, while presenting the Budget for financial year 2017-18 in Parliament.

Here are some of the key points:
  • 5% tax (instead of current 10%) for those earning 2.5 lakhs to 5 lakhs
  • After rebates, zero tax liability for people with income of 3 lakhs
  • All other categories will also get uniform benefit of Rs 12,500
  • With the income tax rate dropping to 10% surcharge on those earning 50 lakhs to 1 crore
  • More than 1 crore : 15% surcharge (already exists)


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