Income tax relief given to individuals and companies
The Union Budget for 2017-18 has announced tax sops for the middle class and small companies. It has been proposed to reduce the tax rate for individuals in the income tax slab of approx. USD 3675 to USD 7350 from 10 per cent to 5 per cent. The tax rate for companies with an annual turnover of up to USD 7 million has been brought down to 25 per cent from 30 per cent. This will benefit 96 per cent of the 694,000 companies filing tax returns.
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