Budget 2012: Income tax liability comes down, telephone bill goes up in new fiscal

With some of the key budgetary proposals coming into effect from 1 April, the tax payers will save some money on account of lower income tax liability, but will have to pay dearly towards essential services like telephone calls, beauty parlour visits and insurance payments. (Budget Impact: What costs more or less)

Finance Minister Pranab Mukherjee in his Budget for 2012-13 had given some relief to tax payers by proposing to raise the income tax exemption limit for individuals to Rs 2 lakh per annum from Rs 1.80 lakh and readjusting the slabs that attract higher tax rates.

Cick here for more read