Notes of life

Tax slabs of business income are proposed to be reduced to 5 in the finance bill 2012-13 which are as under:

1.            Business Income less than 400000 tax will be 0%

2.            Business Income exceeds 400000 but does not exceed 750000  tax will be 10% of amount exceeding 400000

3.            Business Income exceeds 750000 but does not exceed 1500000 tax will be 35000 + 15 % of amount exceeding 750000

4.            Business Income exceeds 1500000 but does not exceed 2500000  tax will be 147500 + 20% of  amount exceeding 1500000

5.            Business Income exceeds 2500000 tax will be 347500 + 25% of amount exceeding 2500000.