No revision in tax slabs: Budget
New Delhi, Feb 28 : Union Finance Minister P Chidambaram on Thursday presenting the Union Budget 2013-14 in Parliament said there is no revision in the tax slabs, but introduced a surcharge for those earning above Rs 1 crore and a tax credit of Rs 2000 for the lowest tax slab.
There is no change in Income Tax rates or slabs but a Rs 2000 credit has been given to those who are earning from Rs 2 lakh to Rs 5 lakh per annum, said Chidambaram.
Those with above Rs 1 crore income will be imposed a surcharge of 10 percent, he said.
The FM said there is no case to revise either the slabs or rates for the Rs 2 to 5 lakh group.
He said the tax credit of Rs 2000 will benefit 1.8 crore tax payers.
Surcharge on corporate taxes were raised too.