REUTERS - Finance Minister Pranab Mukherjee played it safe in unveiling the budget on Friday, pledging reforms but setting only modest targets for trimming a ballooning fiscal deficit, disappointing investors. The minimum threshold of income not chargeable to tax has been marginally increased to Rs. Maximum rate of tax to set in at Rs. Currently, interest received on savings in bank are fully taxable.
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How to calculate income tax online. How to calculate income tax for FY Income tax return forms for FY notified. Income tax highlights of Budget What is an income-tax tax slab?
All rights reserved. For reprint rights: Times Syndication Service. Personal Finance News. Market Watch. Pinterest Reddit. In order to bring the provisions of the Finance Bill closer to those of the Direct Taxes Code DTC , the finance minister has done away with the distinction between "men" and "women" in so far the income exempt from tax is concerned.
In the budget, the finance minister had reduced the exemption gap between men and women when he had raised the limit for income exempt from taxes for men from Rs 1,60, to Rs 1,80, keeping the income exempt from taxes for women untouched at Rs 1,90, The table illustrates the impact on the taxable income of three broad categories--General, Senior Citizens years and Very Senior Citizens 80 years plus Read more on Pranab Mukherjee.
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Budget 2012, new income tax slabs and more: A ready reckoner
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Budget 2012: Income tax ready reckoner after tax slab changes
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