Budget 2017: No tax on income upto Rs 3 lakh, 5% cut for Rs 5 lakh earners

All other categories of taxpayers in subsequent brackets will get benefit of Rs. 12,500.  Surcharge of 10 per cent to be levied on persons earning between Rs. 50 lakh to Rs. 1 crore. 10 pc surcharge on individual income above Rs 50 lakh and upto Rs 1 cr to make up for Rs 15,000 cr loss of due to cut in personal I-T rate.  

Here are the highlights from Budget 2017:

* Jaitley announced a reduction in the tax rate in the income tax slab of Rs 2.5 lakh to Rs 5 lakh to 5% from 10%.

*Present burden of taxation mainly on salaried class. 

* All other categories of taxpayers in subsequent brackets will get benefit of Rs. 12,500. 

* Surcharge of 10 per cent to be levied on persons earning between Rs. 50 lakh to Rs. 1 crore.

* 10 pc surcharge on individual income above Rs 50 lakh and upto Rs 1 cr to make up for Rs 15,000 cr loss of due to cut in personal I-T rate.

*Surcharge of 10% for those whose annual income is Rs 50 lakh to Rs 1 crore

* Existing surcharge of 15% on people earning more than 1 crore will continue: Jaitley