INCOME TAX RATES FOR INDIVIDUALS AS PER STANDING COMMITTEE
PERSONAL INCOME TAX RATES ON ANNUAL INCOME | ||||
---|---|---|---|---|
Tax exemption | 10% rate | 20% rate | 30% rate | |
Current* | Annual income up to Rs 2 lakh | Annual income above Rs 2 lakh and up to Rs 5 lakh | Annual income above Rs 5 lakh and up to Rs 10 lakh | Annual income above Rs 10 lakh |
DTC Bill | –same– | –same– | –same– | –same– |
Standing Committee | Annual income of Rs 3 lakh | Annual income above Rs 3 lakh and up to Rs 10 lakh | Annual income above Rs 10 lakh and up to Rs 20 lakh | Annual Income above Rs 20 lakh |
* Current means financial year 2012-13 and assessment year 2013-14 Source: Budget 2012-13: DTC Bill as tabled in Parliament in August 2010 and Parliament’s Standing Committee on Finance |
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