For the salary earning tax paying class of commoners, their are a lot of expectations from this years Union Budget. First and formost the Income Tax limits should go up:
Expected New Income Tax Slabs for 2013-2014:
1. Income < 3 Lakhs = NIL tax
2. Income > 5 Lakhs = 10%
3. Income > 10 Lakhs = 20%
4. Income > 15 Lakhs = 30%.
Medical/Health Insurance limit should go upto 50,000.
Investment limit should go upto 2 Lakhs.
Home loan interest should be raised to 3 Lakhs.
Expected New Income Tax Slabs for 2013-2014
1. Income < 3 Lakhs = NIL tax
2. Income > 5 Lakhs = 10%
3. Income > 10 Lakhs = 20%
4. Income > 15 Lakhs = 30%.
Medical/Health Insurance limit should go upto 50,000.
Investment limit should go upto 2 Lakhs.
Home loan interest should be raised to 3 Lakhs.
