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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Related posts:

  1. Indian Bud­get 2012 –2013 – What are the good news?
  2. Income tax rate 2012 – 2013 for very senior citizens
  3. Income Tax Rates 2011–2012 for salaried employees
  4. Indian Bud­get 2012 –2013 – What are the bad news?
  5. Per­sonal tax – impact of bud­get 2012–2103

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