• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • HOME
  • DoPT
  • MACP
  • OROP
  • CSD
  • CG News Android App

CENTRAL GOVERNMENT EMPLOYEES NEWS

All about Central Government Employees News. Get the central govt employees latest news, DoPT Orders, 7th Pay Commission, DA Hike, latest notification for pensioners, MACP latest order, da for central government employees, and more.

  • 7th CPC
  • Railways
  • Pension
    • Retirement Age
  • Expected DA
    • Dearness Allowance
    • Dearness Relief
  • Defence
    • CGDA
  • EPFO
    • Employees News
      • KV School
      • Promotion
      • Maternity Leave
      • Reservation
      • LTC
    • ESIC
  • CGHS
  • MACP
  • Postal Dept
You are here: Home / Income Tax / Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income
4% additional DA Hike to Central Governments Employees
38% DA Order for Central Government Employees wef 1st July 2022 PDF
CENTRAL GOVERNMENT HOLIDAY LIST 2023
Ad-Hoc Bonus to Central Government Employees
CGHS Updated Rate Card PDF Download
Latest List of KV Schools in India | Contact Details of KVS Region Wise List 2023 PDF
Central Government Holiday Homes List 2023
Expected DA 2023
7th Pay Commission Latest News 2023
MACP for the Central Government Employees

Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income

February 1, 2017 by admin Leave a Comment

A simple one- page Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income.

“Finance Minister Shri Jaitley said that the present burden of taxation is mainly on honest tax payers and salaried employees who are showing their income correctly. Therefore, post-demonetisation, there is a legitimate expectation of this class of people to reduce their burden of taxation.”

Press Information Bureau
Government of India
Ministry of Finance

01-February-2017 14:11 IST

Finance Minister reduces the tax rate from 10 to 5 per cent for individual income between Rs 2.5 to Rs 5 lakh.

Finance Minister appeals to all citizens to contribute to Nation Building by making a small payment of 5 per cent tax if their income is falling in this slab.

A simple one- page Income Tax Return form for the category of individuals having taxable income upto Rs 5 lakhs other than business income

The Union Finance Minister Shri Arun Jaitley reduced the rate of taxation from existing 10 per cent to 5 per cent for individual assesses between income of Rs 2.5 lakhs to Rs 5 lakhs. This would reduce the tax liability of all persons below Rs 5 lakh income either to zero (with rebate) or 50 per cent of their existing liability.

While presenting the General Budget 2017-18 in the Parliament today, the Union Finance Minister Shri Jaitley said that the present burden of taxation is mainly on honest tax payers and salaried employees who are showing their income correctly. Therefore, post-demonetisation, there is a legitimate expectation of this class of people to reduce their burden of taxation. The Finance Minister further said that if a nominal rate of taxation is kept for lower slab, many more people will prefer to come within the tax net. The Finance Minister made an appeal to all the citizens of India to contribute to Nation Building by making a small payment of 5 per cent tax if their income is falling in the lowest slab of Rs 2.5 lakhs to Rs 5 lakhs.

The Union Finance Minister Shri Jaitley said that the Government is trying to bring within tax-net more people who are evading taxes. So, in order to expand tax net, it is decided to have a simple one-page form to be filed as Income Tax Return for the category of individuals having taxable income upto Rs 5 lakhs other than business income. Also, a person of this category who files income tax return for the first time would not be subjected to any scrutiny in the first year unless there is specific information available with the Department regarding his high value transaction.

In his Budget Speech, the Finance Minister further said that in order not to have duplication of benefit, the existing benefit of rebate available to the same group of beneficiaries is being reduced to Rs 2500, available only to assessees upto income of Rs 3.5 lakhs. The combined effect of both these measures will mean that there would be zero tax liability for people getting income upto Rs 3 lakhs per annum. and the tax liability will only be Rs 2,500 for people with income between Rs 3 and Rs 3.5 lakhs. While the taxation liability of people with income upto Rs 5 lakhs is being reduced to half, all the other categories of tax payers in the subsequent slabs will also get a uniform benefit of Rs 12,500 per person. The total amount of tax foregone on account of this measure is Rs 15,500 crore.

In order to make good some of this revenue loss on account of this relief, a surcharge of 10 per cent of tax payable on categories of individuals whose annual taxable income is between Rs 50 lakhs and Rs 1 crore has been proposed. This is likely to give additional revenue of Rs 2,700 crore.

The Finance Minister said that the direct tax proposals for exemptions, etc. would result in revenue loss of Rs 22,700 crore but after counting for revenue gain of Rs 2,700 crore for additional resource mobilisation proposal, the net revenue loss in direct tax would come to Rs 20,000 crore.

PIB

Filed Under: Income Tax Tagged With: Arun Jaitley, budget 2017, Finance Minister, Income Tax, Income Tax Return, IT Return, rebate

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *


Latest DoPT Orders 2023


CENTRAL GOVT HOLIDAY LIST 2023

Indian Railway Holiday List 2023 PDF | Postal Holidays List 2023 India Post | Bank Holidays List 2023 India | LIC Office Holiday List 2023 PDF Download | EPFO Holiday List 2023 PDF Download | ESIC Holiday List 2023 PDF Download | CGHS Holiday Calendar List 2023 | Post Office Holidays 2023 | Railway Holidays CG Office Holidays 2023 | TN Govt Holidays 2023 | KVS Holiday List 2023-2024 PDF

Primary Sidebar

KVS Class 1 Admission Selection List 2023 and Result Release Date
Important Central Government Employees Orders

  • MACP Scheme for Original Order Dated May 2009
  • 7th Pay Commission Revised Pay Matrix Table for Central Government Employees – Pay Matrix Level 12
  • CSD Canteen Price List 2021
  • CSD Latest Price List of Samsung Electronics items
  • CSD Military Canteen Products List 2020
  • CSD - Eligibility to buy cars 2020
  • FAQ - Central Government Employees - CCS
  • FAQ - Indian Air Force Pensioners
  • FAQ - About NPS

Archives – CG News

Categories

  • 6CPC (176)
  • 7CPC (2,054)
  • 8th Pay Commission (8)
  • Additional DA (5)
  • AICPIN (159)
  • Allowance (372)
  • Bonus (229)
  • BSNL (96)
  • CCS (193)
  • Central Government Jobs (179)
  • Central Govt Holiday Homes (5)
  • CGDA (119)
  • CGHS (466)
  • CPSE (68)
  • CSD (71)
  • CSS (115)
  • DA Over 50% (124)
  • Dearness Allowance (706)
  • Dearness Relief (91)
  • Defence (637)
  • Directorate of Estates (62)
  • DOPT Orders (1,495)
  • ECHS (15)
  • Employees News (2,475)
  • EPFO (213)
  • ESIC (30)
  • Expected DA (421)
  • expected da january 2020 (9)
  • Fin Min Order (3)
  • General news (2,009)
  • GFR (2)
  • GST (48)
  • Holidays (197)
  • HRA (87)
  • Income Tax (239)
  • IT Exemption (90)
  • KV School (304)
  • Latest News (1,306)
  • LDC-UDC (73)
  • Leave Rules (18)
  • Loan (16)
  • Lok Sabha Elections 2019 (15)
  • LTC (226)
  • MACP (258)
  • Maternity Leave (10)
  • NPS (110)
  • OROP (165)
  • Pension (1,306)
  • Postal Department (514)
  • Promotion (213)
  • Railways (1,601)
  • Rank Pay (57)
  • Reservation (106)
  • Retirement Age (187)
  • TDS (2)
  • Uncategorized (1)
  • Wages (1)

Recent Comments

  • admin on 4 per cent additional DA Hike Jan 2023 announcement for Central Government Employees expected today
  • Kannan on Guidelines of Central Government Holiday Homes for postal employees – DoP Orders 12.3.2019
  • PRABIR PRATIHAR on Facilities available for the Central Government employees at the Central Secretariat Club
  • Ashok Wadhwa on 4 per cent additional DA Hike Jan 2023 announcement for Central Government Employees expected today
  • manish sharma on Reimbursement of Children Education Allowance (CEA) to Central Government servants having Divyang Children

7th CPC DA Arrears Ready Reckoner Tables for all Level

  • 7th CPC DA Arrears Ready Reckoner Tables for Level-1 (GP 1800)

  • 7th CPC DA Arrears Ready Reckoner Tables for Level-2 (GP 1900)

  • 7th CPC DA Arrears Ready Reckoner Tables for Level-3 (GP 2000)

  • 7th CPC DA DA Arrears Ready Reckoner Tables for Level-4 (GP 2400)

  • 7th CPC DA DA Arrears Ready Reckoner Tables for Level-5 (GP 2800)

  • 7th CPC DA Arrears Ready Reckoner Tables for Level-6 (GP 4200)

  • 7th CPC DA Arrears Ready Reckoner Tables for Level-7 (GP 4600)

  • 7th CPC DA Arrears Ready Reckoner Tables for Level-8 (GP 4800)

  • 7th CPC DA Arrears Ready Reckoner Tables for Level-9 (GP 5400)

  • 7th CPC DA Arrears Ready Reckoner Tables for Level-10 (GP 5400)

  • 7th CPC DA Arrears Ready Reckoner Tables for Level-11 (GP 6600)

  • 7th CPC DA Arrears Ready Reckoner Tables for Level-12 (GP 7600)

  • 7th CPC DA Arrears Ready Reckoner Tables for Level-13 (GP 8900)

  • 7th CPC DA Arrears Ready Reckoner Tables for Level-13A (GP 8900)

  • 7th CPC DA Arrears Ready Reckoner Tables for Level-14 (GP 10000)

Pay Matrix Table for Air Force PBORs

7th Pay Commission Option Form Ready Reckoner For All Grade pay

central government news
Follow us on : facebook-central-government-news twitter-central-government-news pinterest-central-government-news

Footer

Central Government Employees News | Central Government News | Central Govt Employees News | Central Government Jobs & Orders | Central Government Latest News | central government employees news latest update | expected pay central govt employees | latest news macp central govt employees | Central govt employees news 7th pay commission

central government employees news

Central Government News App for Android Users – Free!! Download Now

 

7th CPC | CGDA | CGHS | CPSE | CSD | CSS | Dearness Allowance | Dearness Relief | Defence | DOPT Orders |
EPFO | ESIC | Expected DA | GST | Holidays | HRA | Income Tax | KVS | Leave Rules | LTC | MACP |
Maternity Leave | NPS | OROP | Pension | Postal Department | Promotion | Railways | Rank Pay | Reservation | Retirement Age

Copyright © 2023 · Magazine Pro on Genesis Framework · WordPress · Log in