Income tax exemption limit raised to Rs 2 lakh

In Union Budget 2012-13, Finance Minister Pranab Mukherjee raised the Income tax exemption limit. Disappointing a larger section of income tax payers in the country, finance minister Pranab Mukherjee made a very small raise in the exemption limit in his Budget speech.

According to the Union Budged 2012-13 the new tax slabs are as follows:

  • 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%

One thought on “Income tax exemption limit raised to Rs 2 lakh

  1. people are ready to pay any amount of tax unless they go to the pocket of politicians and  swissbank …

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