Budget 2017 - Income Tax - Highlights

Union finance minister Arun Jaitley during his budget speech on 01-02-2017 proposed revised tax limits for individual assesses in his presentation of the Union Budget 2017.

Here is what the finance minister proposed:

• Tax liability for those with annual income between Rs2.5 and 5 lakh at 5% instead of the existing 10%. This means that after rebates, a person with a 3 lakh income has a zero tax liability, the Finance Minister said
• Surcharge of 10% for those individuals whose annual income is Rs50 lakh and Rs1 crore.
• Surcharge on individual annual income of Rs1 crore or more remains unchanged at 15%.
• A single-page income tax return filing form for taxable income under Rs5 lakh.