The finance minister Mr. Pranab Mukherjee is facing one of the toughest challenges of his long and distinguished career as the man at the helm of financial planning for the nation. This year's Union Budget comes a time when the ruling coalition faces multiple challenges from almost every quarter and the frustration of the masses is at its peak. There are a multitude of demands and expectations from the FM this year which will certainly be a tough task to tackle. Announcing the new tax slabs that will be applicable for the financial year 2012-13, Mr. Mukherjee has tried to juggle between populist aspirations and practical manoeuvrings. While the promised DTC could not be fully implemented in the current fiscal, there is certainly a move towards its spirit in the new scheme of taxation.
The new tax slabs for salaried and employed classes have been raised by a marginal amount. There will no tax for income up to Rs. 2 lakhs as against the previous figure of RS. 1.5 lakhs. This hike in theRead More »from Budget 2012: Tax Slabs