Changes expected in Personal Income Tax structure in the budget 2012-13
The following changes are expected in the Personal Income tax front today, while Finance Minister Mr.Pranab Mukherjee presents the Union Budget 2012-13.
|Changes expected in Personal Income Tax Front|
|Basic Income Tax Exemption Limit may be raised from Rs. 1.8 lakh to Rs. 3 lakh|
|Increase of deduction under Section 80 C of the the Income tax Act (investments in GPF, PPF, LTC etc) from Rs. 1 lakh to Rs.3 lakh|
|Interest deduction limit for self occupied house property could be increased from Rs.1.50 lakh to Rs.2.5 lakh per annum|
This expectation is an offshoot of recommendations of Parliamentary Standing Committee’s report on Direct Tax Code Bill recently. This committee was headed by Former Finance Minister Mr.Yashwant Sinha.
Source: Times of India