Here’s who will pay less and who will pay more personal tax following the Finance Minister’s personal tax proposals in Budget 2017 . Once the FM’s proposals are implemented:A person with taxable income (after deductions such as Section 80C, etc.) of Rs 3.5 lakh will pay a tax of Rs 2,575 as against Rs 5,150 payable earlier.Persons with taxable income over Rs 5 lakh up to Rs 50 lakh will pay Rs 12,875 less (including the cess saved), according to EY However, individuals with taxable income over Rs 50 lakh up to Rs 1 crore will be paying a flat surcharge of 10% on the total tax payable by them. For example, an individual earning gross total income of Rs 60 lakh will pay (after availing tax deductions as assumed in the table) Rs 1,45,024 additional tax due to the surcharge. For example, a person with gross total income of Rs 1.2 crore will pay (after availing deductions) Rs 39,65,706 as taxes, including surcharge and cess as against Rs 39,80,512 payable earlier.

Source: Economic Times February 01, 2017 09:22 UTC