Know Your Tax Slab 2017-18
Budget 2017 announcement came with some relief for taxpayers. As per the Union Budget 2017, there will be no tax for incomes up to 3 lakhs. Those with income between 2.5 lakhs to 5 lakhs will have to pay 5% tax as the tax rate for this slab has been slashed by 50% (From 10% to 5%). All taxpayers falling in the remaining income brackets will also get a benefit of INR 12,500 each. However, for those with income more than INR 50 lakhs to up to1 crore, the tax burden has been increased by imposing an additional surcharge of 10% on the 30% tax amount. A surcharge of 15% will be applicable to those with an income more than 1 crore. Also, there is no change in tax deduction limits such as Section 80C, 80D for FY 2017-18. Some other tax proposals are: *Holding period for long term capital gain for all immovable properties is now reduced to 2 years from 3 years. Also, the base year for calculation of Indexation shall be April 1, 2001. *There is a proposal to have one page ITR forms. *Transactions worth more than INR 3 lakhs will not be possible in Cash. *All registered Political parties have to file their Income Tax Returns. These were some highlights of income tax rate slabs as per Union Budget 2017.
