Saturday, March 17, 2012

BUDGET 2012 .. INCOME TAX SLAB FOR 2012

The country's finance minister Mr.Prabap Mukherjee has made the following changes in the present budget.


The exemption limit has increased from 180000 to 200000.  The person who is earning 200000 need not pay any tax


For a person who is earning 200000 to 500000 per year has to pay 10%  income tax


For a person who is earning 500000 to 1000000 per year has to pay 20% income tax

Above 1000000 has to pay 30% tax


He also added that interest up to 10000 is free from tax


No advance tax for senior citizens


Health insurance deductions up to 5000/- for preventive health check up







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