Budget 2017: Personal tax reduced by 5 per cent

Tax cuts, surcharge- what budget gave individual assessees

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Budget 2017-18 presented by Finance Minister Arun Jaitley may have just brought a smile on the faces of individual income tax payers. The biggest relief for the Indian middle class came as the finance minister announced tax cuts.

Budget 2017: Personal tax reduced by 5 per cent

Presenting the Budget, Jaitley said that income tax rate for individual assessees with annual income between Rs 2.5 lakh to 5 lakh has been reduced to 5 per cent from the current 10 per cent. He added that a surcharge of 10 per cent would be levied on individuals earning between Rs 50 lakh to Rs 1 crore on an annual basis.

Acknowledging the people's expectation for tax cut post demonetisation in November, the finance minister said, "Post demonetisation, there's a legitimate expectation for reduced tax burden."

Jaitley said that there would be zero liability for people with annual income of Rs 3 lakh or less while there will be a surcharge of 15 per cent for individuals with income above Rs 1 crore.

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