!From April 1, Modi government is changing, these 7 rules, you will be benefitted
7 new rules related to income tax are being implemented from 1st April. Keeping these rules in mind, you can make tax planning for the financial year 2017-18. Today, we are telling you about the seven rules related to income tax, which will affect you after April 1.
Savings will be tax deductible
The tax rate has been reduced from 10 percent to 5 percent for those who earn between Rs 2.5 lakh and Rs 5 lakh annually. This will save you 12,500 rupees annually. At the same time, Current affairs....the annual income of more than Rs. 1 crore will save Rs. 14,806.
Tax exemption now stands at Rs 2,500
Under the new rules, tax rebate will now be available for annual income up to Rs 3.5 lakh up to Rs 2,500. Earlier, the rebate was 5 thousand rupees on an income of up to Rs 5 lakh annually.
पर 10% surcharge on the rich
10% surcharge on the rich
Under the new rules, those who earn an annual income of Rs 50 lakh to Rs 1 crore per annum will have to pay 10 per cent surcharge. At the same time, 15% surcharges are already in force for those who earn more than Rs.1 crore.
