Income Tax Credit of Rs.2000 to Every Person with Total Income up to 5 Lakh

Income tax Relief for Taxpayers in the Bracket of Rs.2 Lakh to 5 Lakh – Income Tax Credit of Rs.2000 to Every Person with Total Income upto 5 Lakh

The Finance Bill 2013-14 proposes a Income tax relief of Rs.2000 to every person who has a total income up to Rs.5 lakh in a financial year as far as his/her income tax is concerned

Presenting the Union Budget in the Lok Sabha today, the Finance Minister Shri P.Chidambaram said that 1.80 crore income taxpayers are expected to benefit to the value of Rs.3600 crore on account of this proposal of tax credit of Rs.2000.

He further said that the current Income tax slabs were introduced only last year. Hence, there is no case to revise either the income tax slabs or the rates. However, he proposed to give some Income tax relief to the Income tax payers in the first bracket of Rs.2 lakh to Rs.5 lakh.

Source : PIB