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New Income tax slab changes in Union Budget 2012

Finance Minister Sri Pranab Mukherjee proposed the much awaited Union Budget today in the Parliament. The minister described that the budget paves way to move into a transparent system.

Budget simplified – Benefits or Burdens for the common man ?

The much awaited Direct tax code has been deferred for implementation. Following are the changes brought out in the Income tax slabs for the financial year 2012-2013.

Income upto Rs.2 lakhs per annum has been exempted from the Tax.

Income between Rs 2 lakhs to Rs. 5 lakhs per annum, will draw 10% income tax.

Income between Rs 5 lakhs to Rs. 10 lakhs per annum, will draw 20% income tax.

Income above Rs. 10 lakhs per annum will draw 30% income tax.

How much can you save with the new rules ?

If you are a salaried employee, then you are concerned about the benefit that you get in terms of savings on the Income tax for the year 2012-13. We show you how much you would be saving with the new announcements as against the existing rules of the Income tax :


Income (Rs) Tax for 2011-12 (Rs) Tax for 2012-13 (Rs) Your Savings (Rs)
2,00,000 2060 0 2,060
5,00,000 32,960 30,900 2,060
10,00,000 1,56,560 1,33,900 22,660

Read other highlights of the Union Budget

Budget simplified – Benefits or Burdens for the common man ?


 

 

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