Salient Features of Direct Tax Proposals in Union Budget 2017 The Hon’ble Finance Minister of India laid the Union Budget 2017 before the Parliament on 01.02.2017. The salient features of Direct Tax proposals are as under: I. Personal Income Tax: 1. Personal income tax for people with income in the slab of 2.5 lakh to 5 lakh to be reduced to 5% instead of 10%. This will reduce their tax liability to half while all other tax payers above this slab will also be benefited in terms of lesser tax of Rs.12,500 per individual (revenue loss of Rs.15,500 crores). 2. Surcharge of 10% to be levied on individuals with income between Rs.50 lakhs to Rs.1 crore (revenue gain of Rs.2,700 crore). II. Affordable Housing: 1. ...
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