Budget 2017 - 2018 - Personal Income Tax

PERSONAL INCOME-TAX in Budget 2017 - 2018

• Existing   rate  of  taxation  for  individual  assesses  between  income of 2.5 lakhs to 5 lakhs reduced to 5% from the present rate of 10%
• Surcharge of 10% of tax payable on categories of individuals whose annual taxable income is between `50 lakhs and ` 1 crore
• Simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income upto ` 5 lakhs other than business income
• Appeal to all citizens of India to contribute to Nation Building by making a small payment of 5% tax if their income is falling in the lowest slab of 2.5 lakhs to 5 lakhs.