New Income tax slab in India after Union Budget 2012 -2013


See details the new income tax slab expected at Union budget 2012 -2013

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.


Related Articles

Delhi Budget 2011: Results, Highlights, Reviews and Analysis

The Delhi Budget 2011 gave a splendid outcome to Delhi members. Read to know about Delhi Budget 2011 Results, Delhi Budget 2011 News and analysis, Delhi Budget 2011 Review, Highlights of Live Delhi Budget 2011 and proposed plan of Delhi Budget in year 2011 fiscal year. Get to know more about Live Delhi Budget 2011 News and updates right here.

More articles: Budget Central Governement policies

Comments

No responses found. Be the first to comment...


  • Do not include your name, "with regards" etc in the comment. Write detailed comment, relevant to the topic.
  • No HTML formatting and links to other web sites are allowed.
  • This is a strictly moderated site. Absolutely no spam allowed.
  • Name:
    Email: