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.
- 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%