According to the new budget 2017 Income between Rs 2.5 lakhs to Rs 5 lakhs to be taxed at 5 % existing tax rate is 10%
- All other categories of tax payers in subsequent brackets will get benefit of Rs 12,500.
- Simple one page return for people with annual income of Rs. 5 lakh other than business income.
- People filing I-T returns for the first time will not come under govt. scrutiny.
- 10% 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.
Other Industry Relevant Budget 2017 updates:
IT exemption for startups
Boost to Start-ups : The 3 year tax holiday available to start-ups has been extended from the existing period of first 5 years of operation to 7 years.