The correct answer is Rs. 5 Lakh. Indian Government Budget 2012-13Budget is a statement of the estimated receipts and expenditures of the Government in a financial year which begins on 1 April of the Current Year and ends on 31 March of the following year. The Union Budget for 2012-13 had been announced by Mr. Prananb Mukherjee, then Finance Minister of India on 16 March 2012. The basic exemption limit from paying Income Tax is Rs. 2,00,000 in case of every individual below the age of 60 years, Rs. 2,50,000 in case of resident individuals of the age of 60 years or more, and Rs. 5,00,000 for Very Senior Citizen in case of resident individuals of age 80 years and above. GDP growth to be 7. 6% during 2012-13. Fiscal Deficit targeted at 5. 1% of GDP in 2012-13. Total expenditure budgeted at Rs. 14,90,925 crores in 2012-13. Gross Tax receipts estimated at Rs. 10,77,612 crores in 2012-13. Additional InformationAccording to Article 112 of the Indian Constitution, the Union Budget of a year is referred to as the Annual Financial Statement. The Finance Minister, Mrs. Nirmala Sitharaman introduced Budget 2021-22 on 1 February 2021.