Facebook  I Google+ I Twitter I Telegram

Information about New Income Tax Slab 2017-18

Information about New Income Tax Slab 2017-18

Thank You for Visit Gujarati Education and Gujarat Gk Daily Update 

Government Job & Non-Government Sector’s job Updates , Educational News , Gujarat All Competitive Exam Study Materials Circular Credit Update About Primary Education Department.: HTAT, TET ,TAT Study Materials, GPSC Study Materials, GSSSB Study Materials, Police Study Materials, Free Stock  & Bank Job IBPS Related Information Lawyer Latest Mobile tipsinternet idea and Other Must visit this blog everyday for latest offers of Various brand and other technology Updates, Competitive Exam Study Historical  Materials and Gk MP3 Exam materials,Tips For Successful in Exam….

  • Earlier, the tax slabs had caps at annual income of Rs 2.5 lakh, Rs 5 lakh and Rs 10 lakh attracting income tax of 10 per cent, 20 per cent and 30 per cent respectively.
  • Those with annual income between Rs 50 lakh to Rs 1 crore will be levied a surcharge of 10 per cent.
  • The 15 per cent surcharge on incomes above Rs 1 crore will continue to be charged.
After today’s announcement the following tax slabs:
Annual income             Income Tax rates              Education Cess          Higher Education Cess
Upto Rs 3 lakh                 Nil                                            Nil                                                 Nil
Rs 3- 5 lakh                     5%                                            2%                                                 1%
Rs 5 – Rs 10 lakh           20%                                          2%                                                 1%
Above Rs 10 lakh          30%                                           2%                                                 1%
Above Rs 50 lakh          30%    + Surcharge of 10 per cent
Above Rs 1 crore          30%    + Surcharge of 15 per cent

Income Rs 5 lakhs

AY 2017-18 : Net tax payable (Including education cess) is Rs 5,150

But for Ay 2018-19: Net tax payable (Including education cess) is Rs 2,575

If the limit of Rs 1.5 lakh under Section 80C for investment is used fully, the tax would be zero for people with income of Rs 4.5 lakhs.

While the taxation liability of people with income upto R5 lakhs is reduced to half, all the other categories of tax payers in the subsequent slabs will also get a uniform benefit of Rs 12,500/- per person. The total amount of tax foregone on account of this measure is Rs 15,500 crores.

Other moves in personal tax space were:

Surcharge of 10 percent of tax payable on categories of individuals whose annual taxable income is between Rs 50 lakhs and Rs 1 crore

Simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income up to Rs 5 lakhs other than business income

All citizens to contribute to nation building by making a small payment of 5 percent tax if their income falls in the lowest slab of  Rs 2.5 lakhs to Rs 5 lakhs.

Must visit this blog everyday for latest offers of various brand and other technology Updates on www.Gujaratieducation.in and www.GujaratGk.com

Get Update Direct on Your Mobile Download Our Gujarati Education  Online Rummy  Gk Quiz Android App From Play Store Transfer and Daily Visit.

Download from Below Important Link :

Click Here for Download Our Android App 

Details Income 5 Lakh 10 Lac I 15 Lac 

0





Gujarati Education

Get Updates www.GujaratiEducation.in

error: Gujarati Education