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Budget 2012 : Get to know your Tax rate

, March 16, 2012, 0 Comments

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.