Income Tax rated 2012 – 2013 for salaried employees March 16th, 2012 Posted in Investments
Finance Minister Pranab Mukherjee has three points to cheer for the salaried class.
Raising the exemption limit by Rs 20,000 to 2 Lakh from 1.8 Lakh
Deduction of up to Rs 10,000 from savings bank accounts
Deduction of up to Rs 5,000 has been allowed for health checkups
In the union budget 2012 – 2013, he made a small raise in the exemption limit. The exemption limit for income tax by just Rs 20,000 from Rs 1, 80,000 to Rs 2 lakh.
Tax Slab for the year 2012 –2013
Up to Rs 2 lakh: No tax
From Rs 2 lakh to 5 lakh: 10%
From Rs 5 lakh to 10 lakh: 20%
Above Rs 10 lakh: 30%
This union budget 2012 would help a large number of small taxpayers with a salary income of up to Rs 5 lakh and interest from savings bank accounts up to Rs 10,000, as they would not be required to file income tax returns.
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