The
exemption limit for the general category of individual taxpayers has
been enhanced to Rs. 2,00,000 from Rs. 1,80,000 in the General Budget
2012-13, presented by the Union Finance Minister Shri Pranab Mukherjee
in the LokSabha here today. This measure will provide tax relief uptoRs.
2,000 to every taxpayer in this category.
The
Finance Minister, Shri Mukherjee introduced the DTC (Direct Taxes
Code) rates for personal income tax, marking progress in the direction
of movement towards DTC and GST (Goods and Services Tax).
It has also been proposed to raise the upper limit of 20 per cent tax
slab from Rs. 8 lakh to Rs. 10 lakh. The proposed personal income tax
slabs are:
Income uptoRs. 2 lakh
|
Nil
|
Income above Rs. 2 lakh and uptoRs. 5 lakh
|
10 per cent
|
Income above Rs. 5 lakh and upto Rs.10 lakh
|
20 per cent
|
Income above Rs. 10 lakh
|
30 per cent
|
In another relief to the individual taxpayers, a deduction of uptoRs.
10,000 has been proposed for interest from savings bank accounts. This
would help a large number of small taxpayers with salary incomes
uptoRs. 5 lakh and interest from savings bank accounts uptoRs. 10,000
as they would not be required to file income tax returns.
It has also been proposed to allow deduction of Rs. 5,000 for preventive health check up.
For senior citizens not having income from business, it has been
proposed to exempt them from payment of advance tax.
Source : PIB 
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