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