Budget 2017: Calculate your income tax

How much tax will you have to pay this year?
General public viewing Union Budget being announced on TV screen at showrooms in Belagavi. Express Photo: Rajesh Sadare.
General public viewing Union Budget being announced on TV screen at showrooms in Belagavi. Express Photo: Rajesh Sadare.

The Budget 2017-2018 was presented by Union finance minister Arun Jaitley in the Parliament on Wednesday.

Here’s is an explainer as to how much tax you will have to pay according to your annual income.
 

Income Slab

Income Tax rate

Annual income upto Rs 3,00,000
 
Nil
 

Annual Income between Rs 2.5 lakh to Rs 5 lakh

Reduced to 5% from existing 10%

Annual income between Rs 5 lakh to Rs 10 lakh

20%

Annual income between Rs 10  lakh to Rs 50 lakh

30%

Annual income between Rs 50 lakh-Rs 1 crore

10% surcharge on the existing 30% tax

Annual income above Rs 1 crore 

15% surcharge to continue on existing 30% tax

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