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Budget 2017 (Income Tax Perspective)

14 views · Published 1 February 2017 · 0:44 · Indexed 29 October 2026

Channel: Dilip Thakur · 2017 · People & Blogs

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Budget 2017 (Income Tax Perspective)

Tax rate for the income within the bracket of Rs 2.5-5.0 lakh has been reduced from 10% to 5%. This means their tax amount will become half of the previous one. So the small taxpayer is bound to benefit. 
For the subsequent brackets, the benefits could be up to Rs 12,500.
For the small taxpayers, the filing of return has been simplified with the help of a single form. 

There is also a confidence building measure with no scrutiny for the first time tax-payers. This is to ward off any insecurity among the minds of the people who had been not been paying tax in the past. 

Expectedly, the compensation of the relief given to the small tax-payers is to be borne by the rich tax-payers. There is an additional surcharge of 10% to be paid by the taxpayers whose income is between 50 lakh to 1 crore. This surcharge is 15% for the taxpayers for the individuals with income above 1 crore.

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