Budget 2017: Here’s how much income tax you will have to pay now

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Finance Minister Arun Jaitley announced some relief for the common man in his Finance Minister Arun Jaitley . As per the new announcements, the income tax slabs have seen a slight shift and many people will have to shell out less tax as well.

Once the tax proposals are implemented, here's who will pay less and who will pay more personal tax

1. Anyone with a taxable income of Rs 3.5 lakh will pay a tax of Rs 2,575 as against Rs 5,150 payable earlier.

2. According to EY, Anyone with taxable income over Rs 5 lakh up and less than Rs 50 lakh will be paying Rs 12,875 less.

3. Anyone taxable income in between Rs 50 lakh and Rs 1 crore, will be paying a flat surcharge of 10% on the total tax payable by them. This is likely to give additional revenue of Rs 2,700 crore.

4. For people earning over Rs 1 crore, they will continue to pay the surcharge of 15% but would get the meagre benefit of saving Rs 12,875.

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