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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