Personal income tax implications of #Budget2017

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  1. Existing rate of tax for individuals between Rs.  2.5- Rs 5 lakh is reduced to 5% from 10%.
  2. All other categories of tax payers in subsequent brackets will get a benefit of Rs 12,500.
  3. Simple one page return for people with an annual income of Rs. 5 lakh other than business income.
  4. People filing I-T returns for the first time will not come under any government scrutiny.
  5. Ten % surcharge on individual income above Rs. 50 lakh and up to Rs 1 crore to make up for Rs 15,000 crore loss due to cut in personal I-T rate. 15 surcharge on individual income above Rs. 1 crore to remain.