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Union Finance Minister Arun Jaitley today said that India being a “largely non-tax compliant society” and as a remedy he decided to lower the base rate to 5% from the existing 10% on income of between Rs 2.5 lakh to Rs 5 lakh.

Here’s how your tax will look like in the fiscal 2017-18.

income tax slap 207 budget

Jaitley also imposed a surcharge of 10% for those whose having an annual income is Rs 50 lakh to Rs 1 crore. The 15% surcharge on those having income above Rs 1 crore will continue.

 

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