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 ₹2.5 lakh-₹5 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 ₹5 lakh. The government will also impose up to ₹10,000 penalty for delayed I-T return filing.