Finance Minister Arun Jaitley’s fourth Budget that he announced in Parliament on February 1, 2017 for the first time merged the General and Railway Budgets. Here is everything you wanted to know about the Budget: PERSONAL INCOME-TAX Existing rate of taxation for individual assesses between income of Rs 2.5 lakh to 5 lakh reduced to 5% from the present rate of 10%.Surcharge of 10% of tax payable on categories of individuals whose annual taxable income is between Rs 50 lakh and Rs 1 crore Simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income up to Rs 5 lakh other than business income Appeal to all citizens of India to contribute to Nation...
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