What are the new Tax Rates Applicable from April 2017?

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Last week, Indian Finance Minister Mr Arun Jaitley announced the Budget 2017 and brought some good news for taxpayers by reducing income tax rates to 5 percent for individuals having income between Rs. 2.5 lakh-Rs. 5 lakh, which was 10 percent earlier.

So here are the new tax slabs post-Budget 2017-18 which will come into effect from April 1, 2017:

For General Category (person up to 60 years age)

Income Tax
Up to Rs. 2.5 lakh Nil
Rs. 2,50,001-Rs. 5 lakh 5%
Rs. 500,001-Rs. 10 lakh 20%
Above Rs. 10 lakh 30%

For people having taxable income of more than Rs. 50 lakh but less than Rs. 1 crore, a new surcharge of 10 per cent will be imposed along with the tax of 30 per cent and If taxable income is more than Rs. 1 crore, then the surcharge will increase to 15 percent of tax plus education and higher education cess of 3 per cent.
For Senior citizens (person between 60-80 years age) 

Income Tax
Up to Rs. 3 lakh Nil
Rs. 3,00,001-Rs. 5 lakh 5%
Rs. 5,00,001-Rs. 10 lakh 20%
Above Rs. 10 lakh 30%

Super senior citizens (for person above 80 years age)

Income Tax
Up to Rs. 5 lakh Nil
Rs. 5,00,001-Rs. 10 lakh 20%
Above Rs. 10 lakh 30%

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