Finance Minister Arun Jaitley today 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 per cent 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
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1. (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) 2. (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) 3. (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 per cent on income of all individuals above Rs 50 lakh and less than Rs 1 crore and surcharge of 15 per cent on income above Rs 1 crore).
Source: KPMG and BMR Legal.
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