Budget 2017-18, Income Tax for individuals
Compared 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.
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