Income Slab Tax Rate Income up to Rs 3,00,000 Nil Income from Rs 3 lakh up to 5 lakhs 5% Income from Rs 5 lakh up to Rs 10 lakh 20% Income above Rs 10 lakh up to Rs 50 lakh 30% Income above Rs 50 lakh up to Rs 1 crore 30% + 10% surcharge Income above Rs 1 crore 30% + 15% surchargeFinance Minister Arun Jaitley presented Modi government's post-demonetisation Budget for the coming fiscal. Apart from schemes for farmers, senior citizens and women, he also offered tax relief to the salaried class.A person earning Rs 3 lakh annually has been exempted from paying taxes, while those having income upto Rs 5 lakh will be charged income tax at 5 per cent.A surcharge of 10 per cent will be levied on people with annual income between Rs 50 lakh to Rs 1 crore, the finance minister announced. The 15 per cent surcharge on incomes above Rs 1 crore will continue to be charged.Surcharge: 12% of income tax, where total income exceeds Rs.1 crore.Cess: 3% on total of income tax + surcharge.As per the new slab, a person earning Rs 3.5 lakh per annum will pay a tax of Rs 2,575 as against Rs 5,150 payable earlier.

Source: Times of India February 01, 2017 08:12 UTC