The Current peak rate of income tax is at near historical lows.
The Current peak rate of income tax is at near historical lows.
You don’t pay any
tax
on your
annual income
up to Rs. 2.5 Lakh whereas your grandparents started paying tax at an annual income of just Rs. 80,000 (present value of Rs. 1,500 income exemption limit in 1949-50) which means,
tax-free
income level has gone up three times.
PEAK RATE OF INCOME TAX IS AT NEAR HISTORICAL LOWS

AS IS ANNUAL TAXABLE INCOME AT WHICH PEAK RATE APPLIES

TAX STRUCTURE TOO HAS BECOME SIMPLER
There are only three tax slabs today unlike up to 11 in the past



AND RATES ARE REASONABLE COMPARED 5 TO OTHER COUNTRIES


All these countries except Pakistan have higher per capita income than India. But many provide better social security like healthcare, unemployment & pension benefits

Arun Jaitley makes history with his 2017 Budget

Leaving a mark

18 Jan, 2017
From presenting the Budget on February 1 to breaking a 92-year-old tradition by merging Railway Budget, this year's Union Budget will leave a mark among the public for a long time. Click next to know more about this Budget's many firsts.

February 1

1 Feb, 2017
Budgets are normally announced on the last working day of February. But this year, it has been advanced by a month to February 1.

One Budget

1 Feb, 2017
Suresh Prabhu can relax. There won't be a separate railway budget. In fact, it will be merged with Jaitley's budget, ending a 92-year-old practice of a separate budget for the country’s largest transporter.

Economic Survey

1 Feb, 2017
Economic Survey, a snapshot of the state our country is in, will be out on the first day of the budget session, which is January 31.

Paperless budget

1 Feb, 2017
This is the first time that the finance ministry is going paperless for the Budget. There will be no hard copies of the circulars. All the important documents will be submitted through Union Budget Information System (UBIS). Saving trees, right?
Q1. What are the different ways of filing ITR?
0
CURRENT SCORE
HIGH SCORE:60
1You can file it in paper form
2You can file it electronically and then submit the verification of the return in return using ITR-V
3You can file it electronically using your digital signature
4You can file it electronically under electronic verification code
5All of the above
5Next Quiz:Income Tax Return Quiz

Also Read

You are paying less income tax than your grandfather. Find out how.

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