New Income Tax Rates And Deductions Applicable From April 1, 2017 With some tinkering in the income tax rates for 2017-18, Finance Minister Arun Jaitley reduced the tax rate for income between Rs. 2.5 lakh and Rs. 5 lakh to 5 per cent in the Union Budget, while adding a surcharge of 10 per cent on tax for income between Rs. 50 lakh and Rs. 1 crore. Although the basic … [Read more...] about New Income Tax Rates And Deductions Applicable From April 1, 2017