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No Income Tax Upto 4 Lakhs – New Income Tax Slabs From Budget 2017-18

The Government of India is likely to revise income tax slabs as part of its monetary measures to boost the economy. The higher exemption is expected for the salaried and middle class tax payers of the country.

If the reports are to be believed, the Government of India may increase the basic income tax exemption limit from the existing Rs 250,000 to more than Rs 400,000. This will leave the people with cash at hands to dispose.

Following are proposed / expected / likely income tax slabs from 2017-18 budget:

1) Upto Rs. 400000: No tax
2) Rs. 4 lakhs to Ts. 10 lakhs: 10 percent tax
3) Rs. 10 lakhs to Rs. 15 lakhs: 15 percent tax
4) Rs. 15 lakhs to Rs. 20 lakhs: 20 percent tax
5) Rs. 20 lakhs and above: 30 percent tax

The exercise will be a part of relieving pain of demonetisation for tax payers. The measure also may increase the spending in the times of cash crunch thanks to demonetisation.

The government is also likely to propose a higher super-rich tax for those who earn more than Rs 10 crore per annum.

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