The Congress Government is in awkward position due to uncontrolled inflation, corruption and several other issues. To enlighten the public mood and to attract middle income group population there is expected change in income tax slab in Union budget 2012 - 2013.
Income tax slab in India
At present income tax slab in India is as follows :-
Upto 1,80,000 Rs - Nil
1,80,001 to 3,00,000 - 10%
3,00,001 to 8,00,000 - 20%
Above 8 lakhs - 30%
For women the income tax slab is
Upto 1,90,000 Rs - Nil
1,90,001 to 3,00,000 - 10%
3,00,001 to 8,00,000 - 20%
Above 8 lakhs - 30%
For senior citizen
Upto 2,40,000 Rs - Nil
2,40,001 to 3,00,000 - 10%
3,00,001 to 8,00,000 - 20%
Above 8 lakhs - 30%
Income tax rebate is upto 1 lakhs under 80cc in long term investments like LIC etc. The amount paid as home loan interest is exempted from Income tax.
New Income tax slab for 2012 - 2013 in India
It has been announced that Income tax will be Nil upto 2 lakhs.
2 lakhs - 5 lakhs - 10%
5 lakhs - 10 lakhs - 20%
Above 10 lakhs - 30%
There will not be any exemption in short term investments like NSC etc while tax ezemption of 1 lakh will exist in long term investment upto 1 lakhs and no tax will be paid on interest of home loans.
There may be many other lucrative offers in this union budget. Let us wait and watch.
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