New Delhi: Giving some relief to tax payers, Finance Minister Pranab Mukherjee on Friday proposed raising the income tax exemption limit for individuals to Rs 2 lakh per annum from Rs 1.80 lakh.
Unveiling the Budget proposals for 2012-13 in the Lok Sabha, he also increased the limit to Rs 10 lakh under the 20 per cent tax slab. The current limit is Rs 8 lakh.
"My proposals on direct taxes are estimated to result in a net revenue loss of Rs 4,500 crore for the year," Mukherjee said.
The Budget also exempt up to Rs 10,000 of interest income from tax....more
01:42 PM, Mar 16, 2012