This article was last updated on April 16, 2022
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Presenting the union budget for the fiscal year 2012 – 2013, the finance minister Pranab Mujkherjee announced in the parliament session that there has been an increase in the limit of income tax payers up till Rs. 2 lac.
The announcement was made on Friday during his speech representing the budget in the House of Parliament. The income tax payers’ limit initially was Rs. 180,000 which has risen to 2 lac with an increase of Rs. 20,000 only. The proposal has disappointed quite a bunch of tax payers since they were expecting some dramatic increase in the limit.
According to the new tax limitations, a household earning Rs. 2 lac will not be eligible to pay any tax at all, whereas those earning from 2 lac to 5 lac will be taxed at 10%, households’ earnings ranging from 5 lac to 10 lac will have to pay 20% in taxes, and households with income levels above 10 lac will pay 30% of their income in taxes.
According to Mukherjee, the proposed changes in the income tax brackets will relieve a major chunk of the population, especially those paying the direct taxes such as taxes on luxury cars, eating out, investment in gold, and getting any other form of professional services.
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