New Delhi: Finance Minister P Chidambaram on Thursday did not tinker with the Income Tax slabs while presenting the Union Budget 2013-14 in the Lok Sabha.
Chidambaram however said a surcharge of 10% would be imposed on those earning over Rs 1 crore in a year, for 2013-14. This would be applicable for both individuals and corporates.
The Finance Minister announced that housing loan for first time loan takers of up to Rs 25 lakh would get additional deduction of interest of up to Rs 1 lakh in 2013-14. The additional exemption would mean tax benefit gets raised from Rs 1.5 lakh to Rs 2.5 lakh.
Chidambaram also announced the setting up of Nirbhaya Fund for women safety and allocated Rs 1000 crores to it.
Chidambaram noted that the global economic growth has slowed, including that of India. He however added that high growth is a novelty and not beyond India's capacity.