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Finance Minister reduces the tax rate from 10 to 5 per cent for individual income between ₹ 2.5 to ₹ 5 lakh.

Budget - Dated:- 1-2-2017 - Finance Minister appeals to all citizens to contribute to Nation Building by making a small payment of 5 per cent tax if their income is falling in this slab. A simple one- page Income Tax Return form for the category of individuals having taxable income upto ₹ 5 lakhs other than business income The Union Finance Minister Shri Arun Jaitley reduced the rate of taxation from existing 10 per cent to 5 per cent for individual assesses between income of ₹ 2.5 l .....

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of people to reduce their burden of taxation. The Finance Minister further said that if a nominal rate of taxation is kept for lower slab, many more people will prefer to come within the tax net. The Finance Minister made an appeal to all the citizens of India to contribute to Nation Building by making a small payment of 5 per cent tax if their income is falling in the lowest slab of ₹ 2.5 lakhs to ₹ 5 lakhs. The Union Finance Minister Shri Jaitley said that the Government is trying .....

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