Big Relief To Middle Class, Tax Rate Reduces !!!

Big Relief To Middle Class, Tax Rate Reduces !!!

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Stating that India is largely a non-tax compliant society+ ,” finance minister Arun Jaitley today sought to remedy that by reducing the base tax rate to 5 per cent from the earlier 10 per cent on income of between Rs 2.5 lakh to Rs 5 lakh.

The minister imposed a surcharge of 10 per cent for those whose annual income is Rs 50 lakh to Rs 1 crore. The 15% surcharge on incomes above Rs 1 crore will continue.

[Source: http://timesofindia.indiatimes.com/business/india-business/budget-2017-tax-rate-reduced-to-5-on-income-rs-2-5l-5l/articleshow/56910863.cms]

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