Highlights of Budget 2012.htm

Here are some of the salient features and highlights of the Budget 2012: 1. Direct Taxes: A) Income Tax Rates/ Income Tax Slab -20121. Exemption limit for the general category of individual taxpayers proposed to be enhanced from Rs 1,80,000 to Rs 2,00,000. 2. Upper limit of 20% tax slab proposed to be raised from Rs 8 lakh to Rs 10 lakh. 3.Proposed to allow individual tax payers, a deduction of upto Rs 10,000 for interest from savings bank accounts. 4. Senior citizens not having income from business proposed to be exempted from payment  of advance tax.

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