I-T on Rs 5 lakh income cut to 5%. 10% surcharge above Rs 50 lakh

February 01, 2017 13:53

Income tax upto Rs 5 lakh income reduced to 5 pc.

Zero tax liability on those with income of upto Rs 3 lakh.

Those earning above Rs 5 lakh to get benefit of Rs 12,500 per annum from income tax slab re-calibration.

Individuals having income less than 5 lakh will have to file a return with a one page form.

10% surcharge on those with income between Rs 50 lakh and Rs 1 crore.

The existing 15% surcharge on those with income above Rs 1 crore will continue.

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'Elections are fought to win.' 'In our party, the leadership takes the final decision, and our leaders are very clear about it.'