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01 Feb, 2017 01:01 PM

Budget 2017 - Minor reduction in IT rates

Budget 2017 - Minor reduction in IT rates The Finance Minister, Shri. Arun Jaitley has dropped the interest rate for the 2.5 To 5 Lakhs income range to 5% from the existing 10%. This means all those falling above this range will get a uniform benefit of Rs. 12,500/- With the rebate, people with income up to 3 lakhs will have NIL tax liability

No changes in the tax slabs and rates were proposed. A single one-page form for filing income tax returns for taxable income up to Rs5 lakh will be introduced. Also, the first time filers who falls in this slab will not be subjected to any scrutiny.

There were talks of change in tax slabs as well as re-introduction of the standard deductions for the salaried class. However, the finance minister kept the changes as simple as one point - reduction of the tax rate in the 25 to 5 lakhs bracket by half.



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