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