Finance Minister Arun Jaitley on Wednesday presented Union Budget for the fiscal 2017-18 in Parliament. In a major step, Jaitley announced the reduction of the existing rate of taxation for individuals with income ranging between Rs 2.5 lakh to Rs 5 lakh to 5 per cent instead of 10 per cent.
There will be a surcharge of 10 per cent for those whose annual income is Rs 50 lakh to Rs 1 crore. Additionally, the 15 per cent surcharge on Rs 1 crore or more remains unchanged. This is to make up for Rs 15,000 crore loss due to the cut in the personal income tax rate.
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