Income tax rate slashed: We help you calculate your new tax!

Finance Minister Arun Jaitley on Wednesday said that income tax for individuals earning up to Rs 5 lakh per year will not have to pay income tax.

He said, that existing rate of taxation for individual assesses between income of Rs 2.5 lakhs to 5 lakhs has been nreduced to 5% from the present rate of 10%.

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Other key highlights:

Surcharge of 10% of tax payable on categories of individuals whose annual taxable income is between `50 lakhs and ` 1 crore

Simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income upto ` 5 lakhs other than business income

Appeal to all citizens of India to contribute to Nation Building by making a small payment of 5% tax if their income is falling in the lowest slab of 2.5 lakhs to 5 lakhs