The Union Finance Minister Shri Arun Jaitley in his Budget Speech ON 01/02/2017 in Lok Sabha proposed few change in the rate of personal Income-tax. The tax slab of 10% i.e from 2.5 lakh to 5 lakh has been reduced to 5 % from 10% earlier in respect of the income earned in the financial year 2017-18 assessable in the assessment year 2018-19.
In view of proposed rationalisation of tax rates for individuals in the income slab of Rs. 2,50,000 to Rs.5,00,000,it is proposed to amend section 87A so as to reduce the maximum amount of rebate available under this section from existing Rs. 5000 to Rs. 2500. It is also proposed to provide that this rebate shall be available to only resident individuals whose total income does not
exceed Rs. 3,50,000.
Source: SIMPLE TAX INDIA
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