Pranab budget 2012-13 impacts on salaried people

New Delhi, Mar 16, 2012: Pranab Mukherji tabled budget in Lok Sabha today which impacts on salaried people is given below.

1. Raises exemption limit to Rs 2 lakhs from Rs 1.8 lakhs.

2. Income Tax at 10% for Rs 2-5 lakh.

3. Income Tax at 20% for Rs 5 lakh to Rs 10 lakh.

4. Income Tax at 30% for income of over Rs 10 lakh.

5. Health insurance deduction upto Rs 5000 for preventive health checkup.

6. Interest income from banks tax-free upto Rs 10,000.

7. Direct cash subsidy for LPG.

8. To implement DTC at the earliest.

9. GST to be operational by August 2012.

10. Income Tax deduction of 50 per cent on investments of up to Rs 50,000 in savings scheme named after Rajiv Gandhi.

11. Addressing malnutrition, black money and corruption in public life among five priorities in the year.

source :http://tkbsen.com