Chidambaram's tax proposals

February 28, 2013 13:33

Giving small relief to tax payers, Finance Minister P Chidambaram today announced a tax credit of Rs 2,000 for persons with income up to Rs 500,000.
The proposal, he said, will benefit 1.8 crore tax payers entailing a revenue sacrifice of Rs 3,600 crore.
The other slabs and rates have been kept unchanged in view of constrained economy, he said.
As per the existing slabs, tax on income from Rs 200,000 to Rs 500,000 is at 10 per cent, up to Rs 10 lakh at 20 per cent and above Rs 10 lakh at 30 per cent.
The FM proposed a surcharge of 10 per cent on persons with income of over Rs one crore. The proposal will cover 42,800 individuals and tax entities.

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