New Delhi, Feb 28: Following is the table of the impact of changes in income tax provisions proposed by Finance Minister P Chidambaram in the Budget for 2013-14. These include a tax relief of Rs 2,000 on income between Rs 2 lakh and Rs 5 lakh, and 10 per cent surcharge on income above Rs 1 crore.
Income Tax Rate -- Impact1. Up to Rs 2,00,000 - NIL --- NIL
Rs 2,00,001 to Rs 5,00,000 -- 10 per cent -- Rs 2,000 (Savings)
Rs 5,00,001 to Rs 10,00,000 -- 20 per cent -- NIL
Rs 10,00,001 to Rs 1 crore -- 30 per cent -- NIL
Above Rs 1 crore -- 30% surcharge -- 3% burden
2. (For Senior Citizens of 60 years but less than 80 years)
Up to Rs 2,50,000 -- NIL -- NIL
Rs 2,50,001 to Rs 5,00,000 -- 10 per cent -- Rs 2,000 (Savings)
Rs 5,00,001 to Rs 10,00,000 -- 20 per cent -- NIL
Rs 10,00,001 to Rs 1 crore --- 30 per cent -- NIL
Above Rs 1 crore -- 30% Surcharge -- 3% burden
3 (Very Senior Citizens of 80 years and above)
Up to Rs 5,00,000 -- NIL -- Rs 2,000 (Savings)
Rs 5,00,001 to Rs 10,00,000 -- 20 per cent -- NIL
Rs 10,00,001 to Rs 1 crore -- 30 per cent -- NIL
Above Rs 1 crore -- 30% Surcharge -- 3% burden
