New Delhi: Finance Minister Arun Jaitley on Wednesday proposed to reduce the tax rate for income up to Rs 5 lakh from the existing 10 per cent to 5 per cent while imposing 10 percent surcharge on income between Rs 50 lakh and Rs 1 crore.
Following is the table of impact on individual on tax proposals:
INCOME TAX RATE IMPACT
Individual Tax Payers
-Up to Rs 2,50,000: NIL NIL
-Rs 2,50,001 to Rs 5,00,000: 5% Rs 7,725 (Savings)
Senior Citizens 60 years but less than 80 years
-Up to Rs 3,00,000: NIL NIL
-Rs 3,00,001 to Rs 5,00,000: 5% Rs 2,575 (Savings)
-Rs 5,00,001 to Rs 10,00,000: 20% Rs 7,725 (Savings)
Senior Citizens 80 years and above
-Up to Rs 5,00,000: NIL NIL
-Rs 5,00,001 to Rs 10,00,000: 20% Rs 7,725 (Savings)
Surcharge of 10% on income of all individuals above Rs 50 lakh and less than Rs 1 crore and surcharge of 15 percent on income above Rs 1 crore
