New Delhi,Feb7,2012: Budget 2012-13 is in process. The government is planning to enhance tax slabsof salaried class persons.
According to reports, Union Finance Minister Sh. Pranab Mukherjee may announce the income tax slab rates
soon. The basic tax exemption may increase from 1.8 lakh to 2 lakh.
Further the income between Rs. 2-5 lakh will be taxed at 10 percent, Rs.
5-10 Lakh be taxed at 20 percent and income above Rs. 10 Lakh will be
taxed at 30 percent rate.
The
present tax structure is that incomes between Rs 1.8 lakh and Rs 5 lakh
are taxed 10 percent, those between Rs 5-8 lakh taxed 20 percent while
30 percent tax is slapped on incomes above Rs 8 lakh.
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