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No IT upto 1.6 Lacs

FM Pranab Mukherjee announced the increase in tax slabs, and said tax on income up to Rs 1.6 lakh would be nil.

Delivering budget speech in the Lok Sabha, Mukherjee said tax on income up to Rs 1.6 lakh would be nil, above Rs 1.6 lakh to Rs 5 lakh would be 10 percent, above Rs 5 lakh to 8 lakh would be twenty percent and above Rs 8 lakh to be 30 percent.

Mukherjee also announced that over and above Rs 1 lakh deduction on tax savings, an additional deduction of 20 percent for investment in long-term infrastructure bonds would be allowed.

Minimum alternative tax (MAT) has been increased from 15 percent to 18 percent Direct tax concessions worth Rs 26,000 crore:, was another highlight of the Budget.

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