Union Budget: Finance Minister Pranab Mukherjee has presented Union Budget 2012 in Parliament. He said that tax exemption limit has been extended to Rs 2 lakhs. He said that tax collection up 15 and there is fall in Income Tax and Corporate Tax collections. Individuals having income above Rs 2 lakh to 5 lakh will be paying 10 per cent as tax. Here are the new tax slabs.