Everyone is eagerly waiting for the income tax slab 2017-2018 details for the Individuals. There have been huge expectations among the common people to increase the exemption limit of Income Tax which was set at 2,50,000 as of now. Today, the Union Budget for 2017 was out and the finance minister Arun Jaitley revealed the budget details in the parliament. Let's check the tax slab new details and also what are the expectations of the people before the budget was announced below.
Expectations on Tax exemption limit before the budget
Many common people in India are expecting the government to hike the limit to double the amount as of now which is Rs 5,00,000 because the standard of living is increasing day by day, So there is definitely need for a hike in Tax exemption. Even though hiking the amount to Rs 5 Lakhs was a dream, the government should consider avoiding the burden on Individuals who earn money with their hard work and they are not in a position to loose their hard earned money in this increased cost of living day by day.
However, the government once again won't care much about a Tax exemption limit and as per the analysts, they might give relief only by hiking the exemption limit to 50k to 1 lakh which is Rs 3,00,000 to Rs 3,50,000. Now, let's check the actual Tax slab for the year 2017 to 2018 below.
Tax slab details for the year 2017 to 2018
In Reality, it was a disappointment for those who expected the tax exemption limit to see a huge hike as the government remains the Tax exemption limit to Rs 3,00,000. However, it provided a huge relief to the common man by reducing the rate cut to 5% between Rs 3,00,000 to Rs 5,00,000. Thus the government instead of increasing the tax exemption limit cleverly comes with an alternative decision of reducing Tax rates to 5%.
The surcharge of 15% will continue for Rs 1 crore earners continue and 10% surcharge on Rs 50 lakh to 1 crore earners. All others above Rs 5 lakh can benefit up to Rs 12,500 in rebates. Overall, it was just a small relief for common people and additional burden on Rs 50 lakh to 1 crore with 10% surcharge extra. #income Tax slab 2017-18 #income tax 2017 -2018 limit #2017-2018 income tax slab