Budget 2017-18 Income Tax Slabs
The Union finance minister presented the Budget 2017-18 on February 1, 2017. In his Budget speech, Jaitley announced that persons with annual income upto Rs 3 lakh will not have to pay income tax and those having income upto Rs 5 lakh will be charged income tax at 5 per cent.
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.
Income Slab Tax Rate
Income up to Rs 3,00,000 Nil
Income up to Rs 3 lakh to 5 lakhs 5%
Income from Rs 5 lakh to Rs 10 lakh 20%
Income more than Rs 10 lakh 30%
Income above Rs 50 lakh 30% + 10% surcharge
Income above Rs 1 crore 30% + 15% surcharge
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.