(UNI) Much to the relief of the salaried class, no hike has been proposed in the income tax in the Budget for 2013-14 presented by Finance Minister P Chidambaram in the Lok Sabha today.
Rather, the Budget proposes a relief of Rs 2,000 to every person who has a total income up to Rs 5 lakh in a financial year.

Mr Chidambaram said that 1.80 crore taxpayers were expected to benefit to the value of Rs 3,600 crore on account of this proposal of tax credit of Rs 2,000.

The current slabs were introduced only last year, hence, there was no case to revise either the slabs or the rates, he said. UNI