Union Budget 2013-Income Tax Slabs

 Finance minister P Chidambaram did not change the income tax slabs or rates this year but announced a 10% surcharge for the super rich.


The finance minister announced tax credit of Rs 2,000 to those with annual income up to Rs 5 lakh. 

Those whose taxable income exceeds Rs 1 crore a year will have to pay a surcharge of 10%, Chidambaram said. 


42,800 people with annual taxable income higher than Rs 1 crore will pay this surcharge, he said. 

This additional surcharge will have to paid for only for one year, 2013-14.