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Income Tax Rates – Budget 2012

The latest income tax rates as given by Indian Finance Minister in budget 2012 are as given below:

  • Savings accounts get Rs 10,000 tax deduction
  • personal income tax exemption limit enhanced to Rs 2 lakhs from present Rs 1,80,000
  • Income tax at 10% for Rs 2-5 lakhs ( No change)
  • 20% for Rs 5-10 lakhs (earlier slab upto 8 Lakhs)
  • 30% for above 10 lakhs; corporate tax rates left unchanged
  • You can check service tax rates here.

This new slab is effectively only providing some significant savings to individuals whose income is annually more than 8 Lakh-10 Lakh per annum.

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