⇒ A taxpayer with taxable income of Rs 5 lakh will pay Rs 2,575 as tax against the earlier Rs 5,150⇒ A taxpayer with taxable income of Rs 15 lakh will pay Rs 2,24,025 in tax against the earlier Rs 2,36,900⇒ The annual income tax outlay for those earning up to Rs 60 lakh has gone up. Now, people falling under this category will pay Rs 17,75,977 in tax against the Rs 16,27,400 earlier. ⇒ A taxpayer with taxable income of Rs 1.2 crore will pay Rs 39,88,803 in tax against the Rs 40,03,610 earlier. 3) Simplified form of income tax returnsThe government has introduced a single page income tax returns form for taxpayers with taxable income of up to Rs 5 lakh. 5) Revised Income Tax ReturnsThe time period for revising an income tax return has been slashed to 12 months from the completion of the financial year from the existing two-year window.

Source: dna February 02, 2017 04:39 UTC