Income Tax Slabs /Income Tax Rate Announced for 2016–2017

Banking Raja
Aug 8, 2017 · 1 min read

In the General Budget, 2017, Finance Minister Arun Jaitley has made changes in tax slab for the Income Tax rate Annouced. The Income Tax Returns you will file for the current fiscal year (2016–17) are according to the existing rates and slabs. But, Jaitley has given some relief to taxpayers for the next assessment year, that is, 2018–19. Where there was a 10 per cent tax on the annual income of Rs 2.5 lakh to Rs 5 lakh, the tax would now be 5 per cent. At the same time, income up to two and a half lakhs is totally tax free. In this fourth budget of the Modi Government, a surcharge of 10 percent has been imposed on the income of Rs 50 lakh to Rs 1 crore, which was not so far.

Let’s learn at a glance according to the rules announced in Budget 2017–18, which are applicable from April 2017. Assessment year 2018–19