Union Budget 2012

E-filing of tax returns is compulsory for people with annual income greater than Rs 10 Lakh during the year 2011-2012.

Finance Ministry statement issued on 2 July 2012 has again indicated that the e-filing is mandatory. The e-filing requirement was optional during the previous financial year.

Please note that the deadline for filing income-tax returns will be 31 July 2012.

The latest income tax slab to calculate your tax for Year 2012-2013 based on budget 2012 budget.
Tax exemption limit raised to Rs 2 lakhs and tax rates has changed for other slabs too.
Use our Free income tax calculator for getting an idea of how much tax you will be saving compared to last year per the latest tax rates.

The highlights of the Union budget 2012 presented by Finance Minister Mr. Pranabh Mukherjee.

• Tax exemption limit increased to Rs 2 Lakhs and the other tax slabs were modified. Currently there is no difference between the tax paid by men and women. Refer the Latest tax slabs for more details.
• Interest incomes of up to Rs 10,000 will now be exempted from from tax.
• Direct tax code will be implemented at the earliest.
• Goods and services tax (GST) to be operational by August 2012
• GDP growth projected at 7.6%