Extracts from Finance Minister,s budget speech on 01.02.2018
Extracts from Finance Minister,s budget speech on 01.02.2018 Relief to salaried taxpayers The Government had made many positive changes in the personal income-tax rate applicable to individuals in the last three years. Therefore, I do not propose to make any further change in the structure of the income tax rates for individuals. There is a general perception in the society that individual business persons have better income as compared to salaried class. However, income tax data analysis suggests that major portion of personal income-tax collection comes from the salaried class. For assessment year 2016-17, 1.89 crore salaried individuals have filed their returns and have paid total tax of ` 1.44 lakh crores which works out to average tax payment of ` 76,306/- per individual salaried taxpayer. As against this, 1.88 crores individual business taxpayers including professionals, who filed their returns for the same assessment year paid total tax of ` 48,000 crores which wor...