In the latest budget announcement on 16th March 2012, the financial minister, Pranab Mukherjee, announced raising the tax exemption limit from the curent level of Rs 1.8 lakh to Rs 2 lakh. For income upto Rs 2 lakh, the tax deduction will now be NIL. For those with an income between Rs 2-5 lakh the tax deduction would be 10%. For income between Rs 5-10 lakh the tax bracket will be 20%. Income above Rs 10 lakh will now come under the 30% tax bracket. Please note the assessment year for this will be AY 2013-2014.
Rest of the details and detailed slabs for women, senior citizens etc are not out yet and will be updated later.