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 |