As per Budget 2012 proposal Basic limit upon which No income tax will be levied has been raised to 2 lakh from 1.8 lakh.
| Income | Rate of Tax |
| Up to 2 lakh | NIL |
| From 2 lakh to 5 lakh | 10% |
| From 5 lakh to 10 lakh | 20% |
| From 10 lakh and above | 30% |
It is to be noted that Finance minister has not given any time frame by which Direct Tax Code (DTC) will be introduced but these proposals are in the right direction towards converging to DTC provisions.
It is quite disappointing for ‘aam aadmi’ as, Standing Committee of Parliament had suggested raising the tax exemption limit to Rs 3 lakh.
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