NEW DELHI: Giving some relief to taxpayers, Finance Minister Pranab Mukherjee today proposed to raise the income tax exemption limit of individuals with RS 2 lakh per annum side of the 1.80 lakh.
PlayStation's budget proposals for 2012-13 in October Sabha, he rose to the limit RS 10 lakh to less than 20 per cent tax slab. The present limit is Rs 8 lakh.
"My proposals on direct taxes, estimated to result in revenue loss of Rs 4500 crore for the year," Mukherjee said.
Budget also exempt up to Rs 10 000 interest income from tax.
The individual has to pay 10 percent income tax between the RS and the RS 2 lakh 5 lakh, 20 per cent between the RS and RS 5 lakh 10 lakh and 30 per cent of the RS 10 lakh.
Mukherjee said to increase the exemption limit has been towards the implementation of Direct Taxes Code (DTC).
The Committee, which Parliament has studied the DTC Bill had proposed that the exemption limit of Rs 3 lakh.
The exemption limit for senior citizens 60 and 80 years are Rs 2.50 lakh, 10 per cent must be charged to income between Rs 2.5 to 5 lakh, 20 per cent from Rs 5-10 lakh and 30 per cent over Rs 10 lakh.
Very senior citizens (80 years and over), income tax exemption limit is RS 5 lakh, 20 per cent must be charged to income between R 5-10 lakh and 30 per cent of the RS 10 lakh.
The implementation of the DTC, Mukherjee said, "We got a report of the Parliamentary Standing March 9, 2012. We investigate the report and take action quickly, adjusting the DTC at the earliest."
DTC Bill is intended to replace half a century old Income Tax Act, 1961.
Savings Account deductions, Mukherjee said, to help small taxpayers.
"This would help a lot of small taxpayers with wage income up to RS 5 lakh and interest from savings bank accounts of up to R 10 000, because they do not need to do tax returns," Mukherjee said.
How do you react to the tax slab?
The budget is not good for individual taxpayers. The real advantage of the latest tax provisions are limited. A person earns up to R 8 lakhs will receive a tax savings of only Rs 2060, and those earning above Rs lakhs but less than Rs lakhs will receive savings of 10.3%.
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Mika: there is always pressure
11 years ago
