Bringing “Aam Admi ka Budget”, Finance Minister Pranab Mukherjee on Friday proposed a big relief for small tax payers by raise the tax exemption limit to Rs2 lakh per annum from Rs1.80 lakh.
Presenting his Budgetary report in Lok Sabha, Mukherjee said, “My proposals on direct taxes are estimated to result in a net revenue loss of Rs4,500 crore for the year.”
Something more is in Budget of 2012-13 as raise the limit to Rs10, 000 of interest income from tax along with tax rate.
Now on basis of Budget proposals, tax payers will have to pay 10% tax on income between Rs2 lakh and Rs5 lakh; 20% between Rs5 lakh and Rs10 lakh; and 30% for above Rs10 lakh. Read more
