New Delhi: Stating that those earning more should contribute more, Union Finance Minister Nirmala Sitharaman announced two rates of surcharge on rich tax payers.
Sitharaman proposed to enhance the surcharge of three per cent on individual having taxable income between Rs 2 crore and Rs 5 crore. For individuals earning more than Rs 5 crore a year, the applicable surcharge will be seven per cent.
For other categories of income payers, the tax rates and slabs remain unchanged.
Sitharaman also announced interchangeability of Aadhaar and Permanent Account Number (PAN) for the purpose of filing Income Tax Returns.
In February, the Narendra Modi government had given relief to income tax payers with a rebate in income tax and an increase in standard deduction.
The government announced an income tax rebate of up to Rs 12,500 under Section 87A of the Income Tax Act. Earlier, the rebate was up to Rs 2,500. This rebate is available on income up to Rs 5 lakh a year.
This translates into zero tax on annual income up to Rs 5 lakh. There is exemption from income tax on annual income up to Rs 2.50 lakh. This exemption extends to Rs 3 lakh in the case of senior citizens.
The government increased the standard deduction from Rs 40,000 to Rs 50,000 and also increased the income tax rebate under Section 87A of Income tax Act.
Besides, there is another deduction of up to Rs 1.5 lakh under section 80C for investments made in instruments such as Public Provident Fund, expenses incurred on children’s education fee and stamp duty paid for registration of a house.
Further investment of up to Rs 50,000 in the national pension scheme (NPS) qualifies for additional tax deduction Section 80CCD(1B) of the Income Tax Act.
However, the income tax slabs remained unchanged in February’s interim budget. There is zero tax on income up to Rs 2.5 lakh, beyond this tax rate is 5 per cent on income up to Rs 5 lakh. This amounts to Rs 12,500.
But with government giving a rebate of the exact amount, there is no payable tax on income up to Rs 5 lakh. But such assessees need to file their income tax returns every year. If they don’t, the Income Tax Department may send notices to for the same.
Twenty per cent income tax is levied on income more than Rs 5 lakh but not exceeding Rs 10 lakh a year. Income tax liability comes to Rs 1 lakh in this slab.
An annual income beyond Rs 10 lakh attracts 30 per cent income tax. Plus, a cess of four per cent on income tax is levied.
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