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Personal income tax exemption updates - Indian Budget 2013-14

Updated: Category: General Finance articles
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Indian Budget 2013-14 detail can be seen here and you can get Personal Income Tax exemption detail herein. Finally Finance Minister P Chidambaram presented his 8th Union Budget in last week of Feb 2013. In terms of taxes, he stated that the personal income tax exemption limit will remain unchanged at Rs 2 lakh. If you are getting more than Rs 2 lakh and up to Rs 5 lakh then you have to pay 10% tax and so on to the Government, you can find the detail here for Indian Budget 2013-14.

Are you looking for information on Indian Budget and Personal income tax exemption updates? Then you are in the right page, kindly go through this article to know Indian Budget 2013-14 highlights.

If you are getting personal income or if you are one among earners who earn up to Rs 2 lakh annually, then good news for you and you do not have to pay any taxes. You can find here next tax slabs that have to pay tax percentage based on their revenue slabs.

Personal income tax exemption

No Tax: For an annual income up to Rs 2 lakh – this is normal and a kind of good news for the people who are in this slab.

Personal income tax for people who are earning above Rs 2 lakhs

10% Tax: For an annual income of more than Rs 2 lakh and up to Rs 5 lakh – this is still good news for the earner.
20% Tax: For an annual income of above 5 lakh and up to Rs 10 lakh
30% Tax: For an annual income exceeding Rs 10 lakh

Other exemption for income tax payee
As per recent budget announcement, Person taking home loan for the first time will get tax cut of Rs 1 lakh – one way it is good news for the Home loan taking personality.
Home loan exemption increased from Rs 1.5 lakh to Rs 2.5 for up to Rs 25 lakh loan.
Home loan interest to save Rs 30, 900 for tax payer in 30% bracket.

Other highlights of the budget 2013-14

FY14 fiscal deficit seen at 4.8% versus 5.2% in FY13.
FY14 revenue deficit aim at 3.3%.
Tax credit of Rs 2,000 for everyone in the Rs 2 - 5 Lakh bracket.
Tax administration reform committee to be set up
Surcharge of 10% for the super rich
Surcharge to be for everyone with an annual taxable income of over 1 crore.
Surcharge hiked to 10% from 5%.
All additional surcharges for only one year.
10% surcharge on companies with income over Rs 10 crore.
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Article by Hafeezur Rahman P
Hafeezur Rahman P has joined ISC in 2009 and he is a Job Editor at ISC since 2010, he also part time Blogger. Hafeez continue to help/contribute in various sections of ISC and its sister sites like Techulator, NewRecruitments and Goaspider etc.

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