Hi! Welcome to satish24k - It's Not Just Central Government Employeees News, but We Strive To Present You Whatever You Might Be Interested In.......................Chief Editor - kavitaSatish, Just a COMMON MAN with UNCOMMON DREAMS.......... LIFE IS NOT WHAT WE GET FROM BIRTH, IT IS WHAT WE MAKE OUT OF EVERY MOMENT WE LIVE; SO MAKE BEST OUT OF IT.......HAVE A GREAT LIFE

Friday, March 16, 2012

Budget 2012-13: Tax exemption limit raised to Rs 2 lakh



NEW DELHI: The Finance Minister Pranab Mukherjee announced raising the tax exemption limit from the curent level of Rs 1.8 lakh to Rs 2 lakh. For income upto Rs 2 lakh, the tax deduction will now be nill. For those with an income between Rs 2-5 lakh the tax deduction would be 10%. For income between Rs 5-10 lakh the tax bracket will be 20%. Income above Rs 10 lakh will now come under the 30% tax bracket.

The Finance Minister also announced the introduction of DTC tax rates. Corporate tax rates were left unchanged. Savings accounts will now get Rs 10,000 tax deduction for interest earned.

The Parliamentary standing committee on finance had recommended an increase in basic tax exemption limit to Rs 3 lakh and another Rs 3.20 lakh rebate for eligible investments and spending in its report on the direct taxes code, or DTC. The Direct Taxes Code Bill had proposed the basic exemption limit of Rs 2 lakh.

The senior BJP leader Yashwant Sinha headed panel that looked into the bill had also asked the government to continue with higher exemption limit for women. The panel had suggested retaining the three-slab structure of 10%, 20% and 30% for personal income tax.

/photo.cms?msid=12290505
source:ET

Share and Care
 For Latest Updates Always Visit http://satish24k.blogspot.com/
Print Friendly and PDFPrintPrint Friendly and PDFPDF


For Further Reading,
EMPLOYMENT NEWS, INCOME TAX, NEWS

1 comments:

By Blog Gadgets

Choose Your Subject

2013 WALLPAPERS 7th Pay Commission AADHAR ACCOUNTS AIPEU AIR INDIA AIRF AIRTRAVEL ALLOWANCES AMAGING AMAZING ANNA HAZARE ANOMALY ANTI CORRUPTION MOVEMENT AUTISM BABIES BANKING BIRDS WALLPAPERS BLOGGING BONUS BSNL BUDGET Cadre Restructure Calenders CANCER CASUAL LABOURS CAT CAT Orders CBSE CCL CCS CCS PENSION CCS(JT) Rules 1979 CGHS CHARTS CHILD CARE Child Care Allowance CHILDREN EDUCATION ALLOWANCE CHINA CIRCULARS Compassionate Appointment CONSUMER NEWS Conveyance Allowance Court Orders CPWD CREATIVITY CRICKET. SPORTS WALLPAPERS CSD CSS CVC Cycle Maintenance Allowance DA DA MERGER DEFENCE DEFENSE DIGITAL INDIA DIGITAL LIFE CERTIFICATE DISABLED DOPT DOWNLOAD DPE DRDO eCards ECHS EDUCATION eMO EMPLOYEES NEWS EMPLOYMENT NEWS ENTERTAINMENT EPFO ESTATES EX SERVICEMEN EXAMINATIONS FACEBOOK FAQs FDI FESTIVALS FIGHT FOR JUSTICE FINANCE BILL 2013 FINMIN FLOWERS FORMs FUNNY PICTURES g GADGETS Ganesha Wallpapers GDS GENERAL KNOWLEDGE GENERAL KNOWLEDGE - CURRENT AFFAIRS GOD WALLPAPERS GPF GREETINGS Group B HBA HEALTH HIGH DEFINITION WALLPAPER HOLIDAYS Hostel Subsidy Allowance HRA IAS IBA IDA INCOME TAX INCREMENT INDEPENDENCE DAY INDEX NUMBERS INDIA INSURANCE INVESTMENT IP/ASP IPO Exam ISLAM JOINING TIME KIDS KVS LATEST POSTAL NEWS Latest Releases from PIB LEAVE LOKAYUKTA LOVE LTC MACPS MAKE IN INDIA MEDICAL Meghdoot Millennium MHA MOBILE BANKING MOBILE WALLPAPERS MOF MOTHER MY CORNER NATURE WALLPAPERS NEGATIVE LIST NEWS NPS One Rank One Pension ORDERS ORDINANCE PARLIAMENT NEWS PENSION People you must know PERSMIN PERSONALITY DEVELOPMENT PERSONOLITY DEVELOPMENT PFRDA POLITICS POSTAL TECHNOLOGY Postings PPF Promotions QUESTION PAPERS QUOTES RAILWAY NEWS RAJYASABHA NEWS RBI RECRUITMENT REIMBURSEMENT RELIGION REPUBLIC DAY RESERVATION RESULTS Retirement Age RTI SANATANA DHARMA Sanchaya Post SAPOST SBCO SC SCIENCE SCOVA SECULAR SEXUAL HARASSMENT SKIN CARE SLEEP SMS SMS-GOODNIGHT SPEEDNET ST Study Material TATKAL TEACHERS TECHNOLOGY TECHNOLOGY TIPS TERRORISM TRANSFER TRAVEL Travelling Allowance Troubleshooting Problems in Postal Applications UNION NEWS UPSC VIDEOS Virus Wallpapers Washing Allowance WILD PHOTOGRAPHY WOMAN ಕನ್ನಡಿಗ

Popular Posts of the Month

All Time Popular Posts

 
Blogger Wordpress Gadgets