Highlights of Income-tax Slab 2017-18
· The Slab for Tax-free Income is the same. For FY 2017-18, No Tax on income up to Rs.2.5 lakhs.
· The Government has reduced the tax rate for the income up to Rs 5 lakhs. The new tax rate for income between 2.5 lakhs to 5 lakhs is 5%.
· The Upper limit to claim income tax deduction under section 80C is still at 1.5 lakhs.
· The government has reduced the income tax rebate. Now, it is Rs 2,000 instead of Rs 5000.
· The Upper limit to get the rebate is also reduced. Now, you would be eligible for the rebate if income is less than Rs 3.5 lakhs. Earlier this limit was at 5 lakhs.
· The threshold for surcharge came down. Now, you have to pay a surcharge if your taxable income is more than 50 lakhs (5 million rupees). Earlier, this limit was 1 crore.
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Finance Budget 2017-18
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Data Input Sheet for Employer & Employees Details
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Salary Structure for both of Govt & Non-Govt employees with Income Tax Section