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The reduction in the first slab rate from 10% to 5% on income between Rs. 2.5 Lakhs to Rs. 5 Lakhs is the biggest back swing for individuals as far as the Budget 2017 presented by Finance Minister Arun Jaitley in the Lok Sabhaon February 01, 2017 is concerned. The introduction of new income tax slab rate is only a half measure by the Finance Minister. However, this step has made our tax rates steeper once we cross the Rs. 5 Lakhs threshold. The existing rebate under Section 87A (currently given to people with income up to Rs. 5 Lakhs) is proposed to be reduced to Rs. 2500 from the existing Rs. 5000 for individuals earning between Rs 2.5 Lakhs to Rs 3.5 Lakhs.
If we get to see the combined effect of rebate under section 87A and the new tax slab rate i.e. 5%, the tax burden would be zero for the people whose income is up to Rs. 3 lakhs and for the people having income in Rs. 3 Lakhs to Rs. 3.5 Lakhs bracket, tax burden would be Rs. 2500. Those earning Rs. 4.5 Lakhs can therefore reduce their tax liability to zero by fully utilizing the tax break under Section 80C combined with these new proposals.
People falling in the category of higher income tax slabs will also be eligible for this new tax rate of 5% on income between Rs. 2.5 Lakhs and Rs. 5 Lakhs. Therefore, those in the higher income tax slab will pay lower tax by Rs. 12500 per person. Individuals earning between Rs. 50 Lakhs and Rs. 1 Crore will have to pay a surcharge of 10% on the total income tax payable by them.
New Income tax slab rates for the Financial Year 2016-17 (Assessment Year 2017-18)
