New Delhi, Feb 28 (IBNS) The Finance Bill 2013-14 has proposed a relief of Rs.2000 to every person who has a total income upto Rs.5 lakh in a financial year.
Presenting the Union Budget in the Lok Sabha on Thursday, Union Finance Minister P. Chidambaram said that 1.80 crore 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 slabs were introduced only last year. Hence, there is no case to revise either the slabs or the rates.
However, he proposed to give some relief to the taxpayers in the first bracket of Rs. 2 lakh to Rs. 5 lakh.