Budget 2012 - Income-tax exemption limit raised to Rs 2 lakh

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Finance Minister Pranab Mukherjee has presented Union Budget 2012 in Parliament. He said that tax exemption limit has been extended to Rs 2 lakhs. He said that tax collection up 15% and there is fall in Income Tax and Corporate Tax collections. Individuals having income above Rs 2 lakh to 5 lakh will be paying 10 per cent as tax..

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    Tax slab

    Up to 2 lakh rupees - NIL
    2 lakh - 5 lakh rupees - 10%
    5 lakh - 10 lakh rupees - 20%
    Above 10 lakh rupees - 30%

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