Tax rate reduced to 5% on income Rs 2.5L - 5L

Stating that India is largely a non tax compliant society. Finance minister arun jaitely today sought to remedy that by reducting the base tax consultant in India rate to 5 per cent from the earlier 10 per cent on income of between Rs 2.5 lakh to Rs 5 lak. The minister imposed a surcharge of 10 per cent for those whose annual income is Rs 50 lakh to Rs 1 crore. The 15% surcharge on incomes adove Rs 1 crore will continue.

The minister also said the government plans to extend the basket of financial instruments to which the capital gains can be invested without the payment of tax advisor in India.

There is also a proposal to allow a carry forward of Minimum Alternative Tax for a period of 15 years up from the current 10 years now.

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