sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax
Latest Expert Exchange
News Headlines »
  Income tax refund within 15 days? It is possible; Here’s what tax experts say
 Filed Your Income Tax Return (ITR)? 11 Days Left To Avoid Penalty Charges
 Big benefit likely soon for taxpayers Income tax returns (ITR) filing
 What if you make an error in your tax return?
 16 LPA-Opening Urgent Opening with BIG 4 Client for Statutory Audit
  When and how to revise tax returns
 How and why to check income tax return (ITR) status
 10 things you need to know about filing your Income Tax Returns
 Here’s what you should know Are you liable to pay advance tax?
 How new property tax law will affect you
 Zero income tax for women

Income tax exemption limit raised to Rs 2 lakh
March, 16th 2012

The tax exemption limit for individuals has been hiked to Rs 2 lakh from the current Rs 1.8 lakh, while the tax slabs have been re-jigged to provide relief to tax payers.

Presenting the union budget for 2012-13 in the Lok Sabha, finance minister Pranab Mukherjee said the upper limit for the

"I propose to enhance the exemption limit for individual from Rs 1.80 lakh to Rs 2 lakh. I also propose to raise the upper limit of the 20% tax slab from Rs 8 lakh to Rs 10 lakh," Mukherjee said.

"This measure will provide a tax relief of Rs 2,000 to every taxpayer of this category," Mukherjee said.

The new tax slab for the coming fiscal will be 10% tax for income above Rs 2 lakh and up to Rs 5 lakh, 20% for above Rs 5 lakh and up to Rs 10 lakh, and 30% for income above Rs 10 lakh.
 

Home | About Us | Terms and Conditions | Contact Us
Copyright 2018 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Software Work Flow Workflow Software Software Automation Workflow automation Software Design Workflow Design Business Work Flow Workflow automation tools

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions