budget 2013 income tax rate and slabs

There is no changes in Income Tax rates or slabs, Rs 2000 credit for those earning up to Rs 5 lakh per annum, Union finance Minister said in Parliament while reading out the Budget.

There will be a surcharge on those earning above Rs 1 crore.

"There is so case to revise direct tax rates and slabs," Finance Minister P Chidambaram said as he presented the UPA II's last budget in Parliament.

''There is no reason for pessimism,'' Chidambaram had begun. ''Without growth there is no development,'' he said.

He also announced India's first pubic sector bank for women. The finance ministry will provide Rs 1,000 crore as initial investment.

Following are the highlights so far from the Finance Minister's speech:

* Current year's economic growth rate will be below India's potential growth rate of 8 per cent.

* Average economic growth rate in 11th Plan period is 8 per cent, highest ever in any Plan period.

* Economic space constrains due to high fiscal deficit, lower savings and investment and tight monetary policy.

* Current account deficit continues to be high due to excessive dependence on oil, coal and gold imports and slowdown in exports.

* India does not have choice between welcoming and spurning foreign investment; it is an imperative.

* Battle against inflation must be fought on all fronts.

* Faced with huge fiscal deficit, I have no choice but to rationalise expenditure.

* We have brought down headline WPI inflation to 7 per cent and core inflation to 4.2 per cent. Food inflation is worrying.- See more at: http://www.indianexpress.com/news/budget-2013-live-no-changes-in-income-tax-rates-or-slabs/1081109/#sthash.1YdA9r3l.dpuf

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