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What are the Changes in Individual Income Tax Rules after budget 2012 in India?
Anandvijayakumar
The following are the main changes to the individual income tax rules as per the Budget 2012:
1. Minimum/Basic Exemption hiked to Rs. 2 lakhs.
2. Highest Tax slab (30%) is applicable if your income is greater than 10 lakhs
3. No discrimination between Male & Female Tax Payers. The Tax Slabs & Taxation Rates will remain the same for all regular citizens irrespective of Gender
4. Interest of upto Rs. 10,000/- earned by Individuals from their Bank Accounts is exempt from Income Tax
5. Up to Rs. 5000/- can be claimed as tax exemption for health checkup. This expense is part of the Rs. 15,000/- limit under Sec 80D (Medical Insurance Premium).
6. A new deduction of 50000 Rs also proposed for investment in equities through the Rajiv Gandhi Retail Equity scheme for individuals whose income is up to 10 Lakhs
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoUpto 2.5 lakhs = 0
Between 2.5 to 5 lakhs = 10%
Between 5 to 10 lakhs = 20%
More than 10 lakhs = 30%
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