Following is the table of the impact of changes in income tax provisions proposed by Finance Minister P Chidambaram in the Budget for 2013-14. These include a tax relief of Rs 2,000 on income between Rs 2 lakh and Rs 5 lakh, and 10 per cent surcharge on income above Rs 1 crore.
INCOME TAX RATE IMPACT
(Individual Tax Payers)
1. Up to Rs 2,00,000 NIL NIL
Rs 2,00,001 to Rs 5,00,000 10 per cent Rs 2,000
(Savings)
Rs 5,00,001 to Rs 10,00,000 20 per cent NIL
Rs 10,00,001 to Rs 1 crore 30 per cent NIL
Above Rs 1 crore 30+10% surcharge 3% burden 2.
