Budget 2017: Income Tax Slabs

In the Union Budget announced today, Finance Minster Arun Jaitley assured honest tax payers that they will be treated with dignity. In a bold move the Finance Minister took personal tax measures which will put more money into the hands of tax payers. He halved income tax rates for individuals earning Rs 2.5- 5 lakhs today. Here is Income Tax Slab 2017:

Income Slab                                        Tax Rate
Income up to Rs 3 lakh                             Nil
Income from Rs 3 lakh to 5 lakh                 5%
Income from 5 lakh to Rs 10 lakh               20%
Income from Rs 10 lakh to Rs 50 lakhs       30%
Income from Rs 50 lakh to Rs 1 crore         30% + 10% surcharge
Income above Rs 1 crore                           30% + 15% surcharge