The Union Budget for the Financial Year 2017 – 2018 proposed some new income tax rates and deductions that have been applicable and in effect since 1st April 2017.
Finance Minister Arun Jaitley brought cheers of joy and relief to the individual taxpayers when he reduced the income rate by half to 5 percent for the people having the income taxable between 2.5 lakhs to 5 lakhs compared to the 10 percent that was applicable before. An additional surcharge of 10% has been added to the 30 percent tax amount for individuals having the taxable income Rs. 50 lakh and Rs. 1 crore.
Even though the income tax exemption limit for the primary income remains at 2.5 lakhs, the Income Tax Act provides many tax exemptions that can be leveraged for the further reduction of your tax liabilities. Here the new income tax slabs for the general category (Up to 60 years of age) as per the Budget 2017. Read more