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Highlights of Budget 2017 in Personal Income Tax Front

Highlights of Budget 2017 in Personal Income Tax Front – Except 5% reduction in Income Tax in respect of Income coming under Income Slab between Rs. 2.5 lakh to Rs. 5.0 lakh no major changes have been effected in Budget presented on 1st February 2017

Finance Minister Arun Jaitley presented the Union Budget 2017, his fourth annual budget, today. Here are the highlights of this year’s budget in personal Income Tax Front

Income Tax rate cut to 5 % for individuals having income between Rs 2.5 lakh to Rs 5 lakh

10 % surcharge on individual income above Rs 50 lakh and upto Rs 1 cr to make up for Rs 15,000 cr loss of due to cut in personal I-T rate

15 % surcharge on income above Rs 1 cr to continue

No change in Deductions under Section 80 C which is presently Rs.1.5 lakh

No change in Deduction on Interest on House Property which is presently Rs. 2.0 lakh

Source: Economic Times