Businessmen hit below the belt with increase in service tax and excise duty rate. But widening of income tax bracket to provide a small breather.
Inflation has also taken it's toll on the financial planning of businessmen were looking up to the finance minister to announce some measures aimed at providing them much needed relief. He has widened the income tax bracket where general income tax exemption limit has been increased from Rs 1,80,000 to Rs 2,00,000.
The rates proposed for FY 2012-13 is as under:
- Income upto Rs 2 Lakhs