Difference between Personal Income Tax rates 2016-17 and 2017-18 in India

 

Budget 2017-18, Income Tax for individuals

                                                    

Difference between Personal Income Tax rates 2016-17 and 2017-18 in IndiaCompared to previous year, the income tax rate between 2.5 Lakhs and 5 Lakhs has been reduced to 5%.  The rate of income tax between 5 Lakhs and 2.5 Lakhs in previous year was 10%.

 

If a person earns a taxable income between 3 Lakhs to 3.5 Lakhs need to pay only about Rs.2500.00 if rebate also accounted. If an individual invests 1.50 lakhs under Sec 80C, he is not required to pay Income Tax up to 4.50 lakhs. 

 

So, once after reducing this rate of Income slabs this year, an individual gets benefit of about Rs.12500.00 who has an annual income up to Rs. 5 Lakhs.

 

Those whose annual income is between 5 lakhs and 10 Lakhs have to pay 20% income tax.  30% is imposed on annual income earners above Rs.10 Lakhs.

 

A rate of 10% surcharge is payable for the income above Rs.50 Lakhs to 1 Crore and an amount of 15% for income above 1 Crore.

 

Learn Imports and Exports business free of cost

How to register with GST in India? Step by step guidelines

How to export goods?

 

Refund of Input Tax Credit (ITC) of GST, FAQ
Migration procedures for existing VAT payers to GST online in India
Refund of GST paid in India, FAQ
4 Conditions when applying for refund of Input Tax Credit (ITC) under GST
Enrolling an existing VAT taxpayers at the GST Common Portal
Difference between types of goods and services and types of GST
4 types of Goods and Services in India for GST rate
Difference between IGST on International goods and IGST on domestic goods.

Navigation controls to enroll with GST in India for existing VAT payers in IndiaHow is IGST calculated under Imports?

 

How to amend AWB number in Import General Manifest (IGM)

How to amend BL number in Import General Manifest (IGM)

How to amend consignee (importer) name in Import General Manifest (IGM)

How to amend container number in Import General Manifest IGM

How to amend date of bill of lading in Import General Manifest (IGM) in India

How to amend description of goods in Import General Manifest (IGM)

Transferability of Bill of Lading

Transhipment - A redefinition




Discussion Forum

You can also share your thoughts about this article.
Any one can answer on question posted by Readers