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.
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)|