Finance Minister P Chidambaram presented his 8th Union Budget today. In terms of taxes, he proposed that the personal income tax exemption limit will remain unchanged at Rs 2 lakh.
If you are one among people who earn up to Rs 2 lakh annually, you do not have to pay any taxes. Click next to check your tax slabs
No Tax: For an annual income up to Rs 2 lakh
10% Tax: For an annual income of more than Rs 2 lakh and up to Rs 5 lakh
20% Tax: For an annual income of above 5 lakh and up to Rs 10 lakh
30% Tax: For an annual income exceeding Rs 10 lakh
>Person taking home loan for the first time will get tax cut of Rs 1 lakh.
> Home loan exemption increased from Rs 1.5 lakh to Rs 2.5 for up to Rs 25 lakh loan.
> Home loan interest to save Rs 30, 900 for tax payer in 30% bracket.
> Tax administration reform committee to be set up
> FY14 fiscal deficit seen at 4.8% versus 5.2% in FY13.
> FY14 revenue deficit aim at 3.3%.
> Tax credit of Rs 2,000 for everyone in the Rs 2 - 5 Lakh bracket
> Surcharge of 10% for the super rich
> Surcharge to be for everyone with an annual taxable income of over 1 crore.
> Surcharge hiked to 10% from 5%.
> All additional surcharge for only one year.
> 10% surcharge on companies with income over Rs 10 crore.
That's a misconception. The millionaires you speak of pay the capital gains rate only on their investment income. Their regular income is tax at 35%, the highest possible rate. Everyone has an opportunity to take advantage of the capital gains rate of 15%, but you have to invest your money to do it.
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