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Good days in India, Check the new updated tax slabs and I-T exemption limits

Posted by Feerojkumar On 08:12 No comments

Offering some respite to the common man, Finance Minister Pranab Mukherjee today proposed that the personal income tax exemption limit will be raised to Rs 200,000 (Rs 2 lakh) from the existing Rs 180,000.

Thus persons earning up to Rs 2 lakh a year would not need to pay any tax. The finance minister also revised the income tax slabs. The new tax slabs and rates are as follows: 


  • For annual income up to Rs 2 lakhs: No tax .
  • For annual income from Rs 2 lakh to Rs 5 lakh: Tax at 10% .
  • For annual income from Rs 5 lakh to Rs 10 lakh: Tax at 20% .
  •  For annual income above Rs 10 lakh: 30% .
  • The finance minister also said that interest earned up to Rs 10,000 per year would be tax free too. 
  • No advance tax for senior citizens.
  • Health insurance deduction up to Rs 5000 for preventive health checkup. FY13 market borrowing at Rs 4.79 lakh crore.
  • Service tax net widened; to include most sectors.
  • Negative list to include pre-school and high school education, entertainment services.Sale of residential property exempted from capital gains if invested in equity or equipment of an SME.
  • All services to be taxed except those in negative list.
  • There has been no change in corporate tax.