It was on news that the tax slab for Income tax may rise upto 3 lakh but in this new budget nothing happens like that. Today Pranab Mukherjee presented the financial budget where he made a small raise in the exemption limit for Income tax. The new limit for Tax payers is now Rs 2 Lakh only so there was just a Rs.20,000 rise from earlier limit which was Rs.1 Lakh 80 thousand. Subscribe to Syconet World by Email.
New Tax Slab for Financial Year 2012-13 and Assessment Year 2013-14
Up to Rs 2 lakh: No tax
From Rs 2 lakh to 5 lakh: 10%
From Rs 5 lakh to 10 lakh: 20%
Above Rs 10 lakh: 30%
Also service tax is increased from 10% to 12%.