INCOME TAX RATES CHANGES 13-14
ONE LAKH ADD DED ON HOME LOAN 80EE
BUDGET SPEECH COMPLETE TEXT
BUDGET 2013-14 HIGHLIGHTS
The rebate shall be equal to the amount of income-tax payable on the total income for any assessment year or an amount of two thousand rupees, whichever is less. Consequently any individual having income up to Rs 2,20,000 will not be required to pay any tax and every individual having total income above Rs. 2,20,000/- but not exceeding Rs. 5,00,000/- shall get a tax relief of Rs. 2000/-.
we have prepared a small income tax calculator to calculate benefit/loss in changes in income tax rates. In this calculator we have not added the loss due to change in surcharge on income more than one crore.