HOME > SOCIETY > LAW > Zero Income Tax up to Rs 4.5 lakh– BUDGET LIVE

Zero Income Tax up to Rs 4.5 lakh– BUDGET LIVE

Finance Minister Arun Jaitley said he is slashing Income Tax paid by individuals by as much as 50% in some slabs.

In the starting slab of 2.5-5.0 lakh per year, the income tax rate has been brought down from 10% of income above Rs 2.5 lakh to 5% of income above Rs 2.5 lakh.

“If exemption under 80 c (for investments made in mutual funds and insurance up to 1.5 lakh) is utilized, tax will be zero for people with an income up to 4.5 lakhs,” Jaitley said as part of the budget presentation today.

This will require the taxpayer to invest Rs 1.5 lakh in a tax saving mutual fund or bank deposit or any other such investment.

All other categories of tax payers in subsequent brackets will get a benefit of 12,500 per year.

“In order not to have any duplication of benefit, existing benefit of rebate available to the same group of beneficiaries is being reduced to Rs 2,500, available only for assessees with income up to 3.5 lakhs. The combined effect of both these measures will mean that there will be zero tax liability for a person getting income up to Rs 3 lakh, and a tax liability of only Rs 2,500 for people with an income of Rs 3,00-3.50 lakh,” the minister said.

However, a surcharge of 10% will be imposed on people who earn more than Rs 50 lakh up to Rs 1 cr per year.

The tax filing form has also been simplified to a one-page affair, said Jaitley.

Follow ULTRA.news
Uddhav Thackeray met with Sharad Pawar – report Largely along expected lines, the two warring allies within the Maharashtra government -- the BJP and the Shiv Sena -- are now reported to be wooing Sharad Pawar led Nationalist Congress Party.Shiv Sena head Uddhav Thackeray met with Pawar ten days ago, said CNN News18, and ...
“There’s no going back” says Kamal Haasan, “I’m in politics to stay... Kamal Haasan | Wikipedia Kamal Haasan today announced the launch of a new app called Mayyam or Whistle, in an attempt to organize people for a political movement, and said there was no question of turning back."If I call such a huge press meeting and I say, I am still thinki...
Rahul Gandhi, Marry a Dalit girl – Ramdas Athawale Taking a jibe at Congress Vice President Rahul Gandhi's 'increasing love for Dalits', Dalit leader Ramdas Athawale said the chronic bachelor and heir to the Congress Party should now get married to a Dalit girl.Speaking at a function in Akola in Maharashtra, Athawale said Ga...
Explore autonomy for Jammu & Kashmir – P Chidambaram Former union home minister P Chidambaram today said India should 'seriously consider' giving autonomy to the state of Jammu & Kashmir.Chidambaram, who was in charge of maintaining law and order in the hill state for several years as part of his role as India's home minis...
CIA biggest beneficiary of Aadhaar, says Swamy; GST not behind slowdown BJP leader and libertarian politician Subramanian Swamy said he believes that the design of Aadhaar system exposes core data to 'American intelligence agencies' and expressed consternation that the government was continuing with the unique identification number scheme. Subraman...
Arrest warrant issued on Hardik Patel in Gujarat A non-bailable arrest warrant has been issued against Patidar Anamat Andolan Samiti leader Hardik Patel and Lalji Patel in a two-year-old case related to violence at a rally.The warrant was issued in relation to violence seen in the aftermath of a rally in Vishnagar town of ...
VENGARA Election Results: Left Front vote up 20%, Cong, BJP down The results of the bypoll held in Vengara assembly constituency in Kerala have confirmed the Congress-led UDF's worries about losing support in the southern state.The results also showed that the BJP suffered a decline in popularity in Kerala in the last 18 months or so....
BJP places gruesome banners of Kerala killings in New Delhi https://www.facebook.com/photo.php?fbid=1669117573148867&set=pcb.1336920326413229&type=3&theater&ifg=1   In an attempt to drum up public support for its fight with the Left Front in Kerala, the BJP's Delhi unit has in the heart of the national capital place...
KERALA LOVE JIHAD: Supreme Court asks why Fadiya can’t make her own decisions The Kerala 'Love Jihad' case saw a twist today with the Supreme Court making pointed observations while hearing the appeal against a decision by the Kerala High Court to annul the marriage of a Hindu girl who converted to Islam.The court observed that it will examine the que...
Hindustan Unilever says early sales in Jul-Sep quarter affected by ‘GST myths’ Hindustan Unilever, the country's largest consumer company that owns daily brands such as Rin, Wheel, Kissan and Surf, said the roll-out of the goods and services tax caused some confusion among retailers and distributors."Early part of SQ'17 (July-September 2017) was affect...
NDTV officially denies sale to Ajay Singh India's oldest English television news broadcaster NDTV officially denied that it has been sold to Ajay Singh, the promoter of SpiceJet."We wish to inform you that the promoters of the Company have not entered into any agreement for sale of their stake in the Company to any ...
Stock Exchange seeks clarification from NDTV on Ajay Singh’s stake-buy NDTV Promoter Prannoy Roy with former PM Manmohan SinghThe National Stock Exchange has again sought a clarification from NDTV after the Indian Express reported that SpiceJet promoter Ajay Singh was now the biggest shareholder in the media company.UPDATE: NDTV has denied ...
NDTV stock up 76% in four days, company says no clue why Shares of New Delhi Television Ltd spiked another 10% today to Rs 62.40, prompting the BSE to write to the company to seek clarification on any undisclosed development.With this, the total gain in NDTV shares in the last four days is 76%.The company, however, said it was...
Modi should decide on Khattar’s resignation, Subramanian Swamy Haryana Chief Minister Manohar Lal Khattar seems to be facing mounting pressure to step down, with BJP leader Subramanian Swamy hinting that the CM does not enjoy total support of BJP leaders."The question of (Khattar's) resignation has to be taken up by the prime minister, ...
Liquor shops in Kerala start installing token system Kerala's snaking long queues in front of its liquor shops -- the state's only source of alcohol after bars were banned in 2014 -- are almost as famous as the backwaters and beaches, but some relief may be on the horizon for hapless liquor buyers.As there are only about 340 li...
UPDATE: 99% of demonetized currency returned to govt Eight months on, the Reserve Bank of India is yet to finish verifying and counting the 500- and 1000-rupee notes surrendered by the public between Nov 8 and Dec 30, 2016, the finance ministry said in a statement on Aug 11.UPDATE: About ten days after this article was publishe...
Nawaz Sharif Proves Unlucky For The Third Time Nawaz Sharif is third time unlucky to have to abandon his term as the democratically elected Prime Minister of Pakistan.With the Supreme Court disqualifying him over the corruption cases for ten years, sixty-seven-year-old Sharif’s premiership comes to end one year before hi...
Smriti Irani Trumps PTI: Takes to twitter to expose ‘fake news’ Smriti Irani, who recently took on the role of the union minister for information and broadcasting has started off with a bang by alleging that the country's largest news wire distributed photo Chennai floods claiming them to be those of the floods in Gujarat.Unlike her prede...
Nitish, Lalu and the ‘Post Truth’ Politics of Bihar In the so-called 'post truth' politics, facts and ideology do not have a place - it is emotion and rhetoric that counts.When Nitish Kumar decided to part ways with Bharatiya Janata Party (BJP) in late 2013 opposing the elevation of Narendra Modi as the prime ministerial cand...
Shiv Sena suspects Pakistan’s role behind gau-rakshaks Ratcheting up its attack on the ruling Bharatiya Janata Party, fellow saffron outfit Shiv Sena today dared cow vigilantes to fight for the country in Kashmir and asked if Pakistan was behind such attackers.India has seen two waves of vigilante attacks targeted at those who ea...