Arun Jaitley reduces income tax percent from 10 to 5
Posted on: 01/Feb/2017 1:19:30 PM
The Finance Minister Arun Jaitley has filed the Union Budget for 2017-18 today. In this budget, it was announced that the income tax for individuals will be reduced.
Until now, those earning between Rs 2.5 and Rs 5 lakh had been paying 10 percent as income tax. This is now reduced to 5 percent. In other words, those earning between Rs 2.5 lakh and Rs 5 lakh can pay 5 percent as service tax.
Furthermore, if the earning member is bound to meet education expenses of their child, LIC policy, medical expenses, or makes postal savings, this 5 percent will also be waived off.
