The draft Direct Taxes Code (DTC) along with a Discussion Paper was released in August, 2009 for public comments. Since then, a number of valuable inputs on the proposals outlined in these documents have been received from a large number of organisations and individuals. These inputs have been examined and the major issues on which various stakeholders have given their views have been identified.
Direct tax code which will be introduced in Rajya Sabha, and referred it to a select committee, during the monsoon session. It has been referred to the Select Committee, and will be introduced in Rajya Sabha on Monday. The new provisions under the Direct Tax Code are as follows: Tax for income between Rs. 2 lakh – Rs. 5 lakh: 10% Tax for income between Rs. 5 lakh – Rs. 10 lakh: 20% Tax for income over Rs. 10 lakh: 30% The limit for exemptions for salaried people is Rs. 2 lakh, while that for senior citizens is Rs. 2.5 lakh. orporate tax has been kept at 30%.
Information regarding this topic or any other news website for Direct Tax Code 2011.Direct Tax A windfall for taxpayers from the next financial year. You will in fact have to pay less Direct taxes in every slab of income. This comes with the Cabinet clearing the Direct tax code.
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