Budget 2013-14 has targeted the rich for some additional revenue, albeit for only one year. People with a taxable income of Rs 1 crore and more will have to pay a 10% surcharge on income over Rs1 crore. But this surcharge is limited only for a period of one year.
Otherwise, the Budget has left the tax slabs, which were altered last year, unchanged this year. This means, you, the taxpayer, will continue to pay taxes at the rate that you have been paying.
Individuals earning between Rs2 lakh and Rs5 lakh will receive a tax credit of Rs 2,000. Finance minister Chidambaram says that this move will benefit 1.8 crore people.
And if you are a first-time home-buyer, you will be eligible for an additional deduction of interest of Rs 1 lakh for home loans above Rs25 lakh and Rs1.50 lakh for home loans up to Rs 25 lakh. This will be over and above the current Rs 1 lakh deduction allowed currently.
@Nupursays
