Friday, March 16, 2012

Budget 2012 : Flash News

Income Tax deduction of 50 per cent on investments of up to Rs 50,000 in savings scheme named after Rajiv Gandhi. 
locking period in Rajiv Gandhi Equity scheme will be 3 years 
1 % rebate in interest rate for Home Loan upto Rs 25 lakh 
Direct Tax Code (DTC) Bill to be enacted at the earliest, says FM 
no change in Corporate Income Tax limit 

Proposal to increase Income Tax Exemption limit to Rs 2.0 Lakh from Rs 1.8 lakh 

Incomes up Rs 5 lakh will now fall in the 10 per cent tax bracket. 

 Income Tax upto 10 Lakh: 20 percent , 30 percent tax for income above 10 lakh

Interest income of up to 10 per cent to be exempted from tax. 

Upper limit raised from Rs 8 lakh to Rs 10 lakh for 20 per cent bracket. 
Tax exemption of up to Rs 5,000 for health insurance for annual preventive health checkup. 
Standard excise duty rate raised from 10 per cent to 12 per cent. 




Watch this blog for complete highlights of he budget, to be published shortly.

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