Personal Income Tax Proposals in the Union Budget 2017


Union Finance Minister Arun Jaitley on Wednesday announced that the existing rate of tax for individuals with income between Rs. 2.5 and Rs. Rs 5 lakh would be reduced to 5% from 10%.


All other categories of tax payers in subsequent brackets will get a benefit of Rs. 12,500. He announced 
  • a 10% surcharge on individual income between Rs. 50 lakh and Rs 1 crore
  • The 15% surcharge on income of above Rs. 1 crore would continue.
For persons filing I-T returns for the first time, there would be no scrutiny by the government, he added.
In another attempt to simplify the process of filing of I-T returns, the Finance Minister announced a single page submission for those with an annual income of Rs. 5 lakh.


INCOME
TAX RATE
Individual tax payers
Up to Rs 2,50,000
No tax
Rs 2,50,001 to Rs 5,00,000
5%
Rs 5,00,001 – 10,00,000
20%
More than Rs 10,00,000
30%
Senior citizens who are 60 years old and above but less than 80 years
Up to Rs 3,00,000
No tax
Rs 3,00,001 to Rs 5,00,000
10%
Rs 5,00,001 to Rs 10,00,000
20%
More than Rs 10,00,000
30%
Senior Citizens who are 80 years old and above
Up to Rs 5,00,000
No tax
Rs 5,00,001 to Rs 10,00,000
20%
More than Rs 10,00,000
30%
(Surcharge of 10 per cent on income of all individuals above Rs 50 lakh and less than Rs 1 crore and surcharge of 15 per cent on income above Rs 1 crore).

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