THE OBSTACLES THAT IMPEDE THE DEVELOPMENT OF BRAZIL IN THE CONTEMPORARY ERA A...
Praveena
1.
2. The Budget left tax slabs and tax rates unchanged but proposes a Rs
2,000 tax credit to those whose taxable income is up to Rs 5 lakh.
The credit, given to those in the lowest tax bracket, increases their tax
exemption limit from Rs 2 lakh to Rs 2.2 lakh.
3. The Budget has also not changed the tax rates for senior citizens (60-
80 years) and very senior citizens (80 years and above).
So, all men, women and senior citizens with taxable income of less
than Rs 5 lakh will save Rs 2,000 in 2013-14.
The 3 per cent education cess on the total tax liability continues.
4. The government has announced a 10 per cent tax surcharge on those
with taxable income of more than Rs 1 crore.
So a person with taxable income of Rs 1.1 crore will now have to pay
Rs 35,46,290 as tax as against Rs 32,23,900 earlier.
TAX ON SUPER RICH
5. Growth rate of 8%.
Slowdown economic growth rate from 3.9% to
3.2% in 2012.
High growth can be achieved through cooperation
6. 27,049 crore allocated to Ministry of
Agriculture, an increase of 22 per cent
over the RE of current year.
AGRICULTURE
7. Health for all and education to all remains priority.
37,330 crore allocated to the Ministry of Health & Family Welfare.
New National Health Mission will get an allocation of ` 21,239 crore
4,727 crore for medical education, training and research.