16-Mar-2012
Source : Magicgyan Team
Budget 2012 has increased the basic exemption limit for individuals across various slabs by a small margin.
Exemption limit has been raised to Rs 2 lakhs for all
individual tax payers, contrary to the general expectations of raising
exemption limit to Rs 3 lakhs.
The proposed tax slabs for financial year 2012-2013 are as follow:
Income up to Rs 2 lakh - nil
Income between Rs 2 lakh to Rs 5 lakh - 10%
Income between Rs 5-10 lakh - 20%
Inncome above Rs 10 lakh - 30 %
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