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Finance Minister reduces income tax rates for individuals, companies

Finance Minister reduces income tax rates for individuals, companies

Thursday, February 2, 2017, 10:02 AM

Arun Jaitley in his budget speech 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%. The tax rate for companies with an annual turnover of up to Rs 50 crore has been brought down to 25% from 30%. This is going to benefit 96% of the 6.94 lakh companies
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