What are the income tax changes applicable from April 1?
The government in its budget has halved the rate of taxation to 5% for taxpayers between income of â¹2.5 lakh-â¹5 lakh, applicable from the fiscal starting April 1, 2017. Further, a one-page tax return form will be introduced for individuals with income up to â¹5 lakh. The government will also impose up to â¹10,000 penalty for delayed I-T return filing.