What are the new Tax Rates Applicable from April 2017?

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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