Union Budget 2013: No change in income tax rates or slabs - highlights

New Delhi: Finance Minister P Chidambaram is presenting his Budget 2013 in Parliament. The following are the highlights of his keenly-watched tax proposals:

• The current slabs were introduced last year. Hence there is no case of revising either
• Some tax credit of Rs 2000  for every person who has an annual income of upto Rs 5 lakh
  
• Tax Administration Reforms Commission to be set up to review tax laws
• In 2007-08 Tax GDP ratio touched a peak; in short term we must regain that peak
• The current slabs were introduced last year. Hence there is no case of revising them
• But will give some tax relief of Rs 2000  for every person who has an annual income of up to Rs 5 lakh