People in the ministry have found disappointment in the budget. In his budget speech, Finance Minister Arun Jaitley has not made any changes in the Income Tax Exemption limit. Although Schwarted deduction has begun again, there is little relief for people with salaries. Under the conditioned deduction, a discount of 40 thousand rupees will be given. That is, the tax on which salaries will be made, of which 40 thousand will be deducted tax.
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It is believed that Jaitley can increase existing tax rebate by 2.5 lakhs to 3 lakh this time. The government can give relaxation to standard payday deductions. This means that the tax exemption can be increased on investment. Tax exemption under Section 80C of Income Tax can be reduced to only 1.5 lakh rupees.
The current state of the tax slab which will now remain.
Income tax slabs (up to 60 years of age)
Income current rate
0 to 2.5 lakhs 0%
2.5 lakh to 5 lakh 5%
5 million to 10 million 20%
30% above 10lakh
Tax rebate
- On the income of Rs 3.5 lakh, the discount of 2500 is given under 87A. Meaning of your total tax
2500 rupees decrease. For this reason, income up to Rs 3 lakh is tax free.
surcharge
- 10% surcharge on income from Rs. 50 lakh to Rs. 1 crore
- 15% surcharge on income above Rs. 1 crore
Cess
3% cess on total income tax and surcharge together
----------
Income tax slab (more than 60 years and less than 80 years)
Income current rate
0 to 3 lakhs 0%
3 lakh to 5 lakh 5%
5 million to 10 million 20%
30% above 10lakh
surcharge
10% surcharge on income from Rs 50 lakh to Rs 1 crore
15% surcharge on income above Rs. 1 crore
Cess
3% cess on total income tax and surcharge together
---
Income tax slabs (over 80 years of age)
Income current rate
0 to 5 million 0%
5 million to 10 million 20%
30% above 10lakh
surcharge
15% surcharge on income above Rs. 1 crore
Cess
3% cess on total income tax and surcharge together
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