S C KHOSLA (Ex - Scientist `F`& Head (SPPD)) 07 February 2012

Budget 2012 likely to increase income tax exemption limit to

Budget 2012 likely to increase income tax exemption limit to Rs 2 lakh

NEW DELHI

: The government is likely to provide some relief to individual income tax payers in the forthcoming Budget by raising the exemption limit to Rs 2 lakh, as provided in the Direct Taxes Code (DTC), and hiking the slabs for different tax brackets.

DTC, which is currently being scrutinized by the Parliamentary Standing Committee, has suggested that the income tax exemption limit be hiked to Rs 2 lakh from Rs 1.8 lakh at present. It also proposes that the highest personal income tax rate of 30 per cent should apply to annual income above Rs 10 lakh, as against Rs 8 lakh.

source : https://economictimes.indiatimes.com/personal-finance/tax-savers/tax-news/budget-2012-likely-to-increase-income-tax-exemption-limit-to-rs-2-lakh/articleshow/11779014.cms