Budget 2012: Tax exemption limit raised to Rs 2 lakh
In a move that is bound to bring cheer to millions of households, Finance Minister Pranab Mukherjee has cut personal income tax across various slabs, a populist move aimed at the galleries but also one that takes into account the fact that inflation is still not at comfort levels. The zero tax rate on income up to Rs 1.8 lakh has been raised to Rs 2 lakh.
