After budget 2017, there are many doubts in respect of Key changes
in individual taxation which affects the individual tax liability. In news
& social media they are writing that there is no tax on annual income of ₹3Lakh. People are taking that tax slab has change from ₹3L to 5l etc.
Actually there are only three new major changes for an individual in
this Budget and new slabs are as follows.
1. Tax slab remain same but rate for
tax slab of 2,50,000 to 5,00,000 has reduced from 10% to 5% and rest rates are
same.
Now new slabs are
For Individual Male/Female with age <60 Yrs
Up to ₹2,50,000 - Nil
₹ 2,50,000 to 5,00,000 -
5%
₹ 5,00,000 to 10,00,000 - 20%
₹10,00,000 & above - 30%
For senior. Citizen of above 60 Yrs & less than 80 Yrs
₹ Up to 3,00,000 - Nil
₹3,00,000 to 5,00,00 - 5%
₹5,00,000 to 10,00,000 - 20%
₹10,00,000 & above - 30%
2. Rebate under section-87A - has been reduced
from ₹ 5,000 to 2,500 and eligibility for rebate of Sec 87A has reduced for
individual of total income of ₹3,50,000,( instead of ₹ 5,00,000)
3. Surcharge @ 10% will be charge
from income above ₹50 Lakh, up to ₹1 cr
& @ 15% for income above ₹1 Cr.
You all have to how much tax is payable in financial year
2017-18. This tool of Auto Tax Calculator from Taxationseva will help you to
calculate the income tax in very simple way with less time and fewer efforts. After
calculate your tax liability you will be able to plan your tax saving
accordingly.
As a ready reconer related informations are also hyper
linked in simple calculator. So calculate your tax, TDS , Exemptions, Deductions
etc and know the related rules.