Direct Tax Code from Apr 1 next yr

PRESS TRUST OF INDIA

New Delhi, Feb 28: Finance Minister Pranab Mukherjee today said the Direct Taxes Code (DTC), which will replace the Income Tax Act, is proposed to be implemented from April 1, 2012. "... The code is proposed to be effective from April 1, 2012," Mukherjee said in his Budget speech 2011-12.
 In the DTC Bill, which was introduced in Parliament last year, the annual I-T exemption limit is proposed at Rs 2 lakh, compared to Rs 1.6 lakh at present. Under the Bill, the government seeks to widen tax slabs to levy 10 per cent tax on income between Rs 2 lakh and Rs 5 lakh, 20 per cent on Rs 5-10 lakh and 30 per cent above Rs 10 lakh.
 Currently, income up to Rs 1.6 lakh per annum is exempt from tax for individuals. For women and senior citizens, the limit is 1.9 lakh and 2.4 lakh, respectively.
 The tax is levied at a 10 per cent rate on income between Rs 1.6 lakh and Rs 5 lakh, 20 per cent on Rs 5-8 lakh and 30 per cent above Rs 8 lakh.

Lastupdate on : Mon, 28 Feb 2011 21:30:00 Makkah time
Lastupdate on : Mon, 28 Feb 2011 18:30:00 GMT
Lastupdate on : Tue, 1 Mar 2011 00:00:00 IST



  • del.icio.us
  • StumbleUpon
  • Digg
  • TwitThis
  • Mixx
  • Technorati
  • Facebook
  • NewsVine
  • Reddit
  • Google
  • LinkedIn
  • YahooMyWeb
  • Print News
  • YahooMyWeb

Code Image  Load New Code
Enter the Security code exactly as you see it in the image security code is CaSe SeNsItIvE(Cookies must be enabled)
  • MORE FROM BUSINESS

  • Kashmir

‘Army at helm of affairs in JK’

GK NEWS NETWORK

Srinagar, Feb 28: The Chairman of Hurriyat Conference (G) Syed Ali Shah Geelani on Monday said Army was at the helm of affairs in Jammu and Kashmir and every political and non-political activity was done More


  • Srinagar City

Forget deadly manholes, now bigger ones risk life

Fountain sump serves death trap near Syed Mansoor Sahib shrine square; admin sleeps

GK CITY REPORTER

Srinagar, Feb 28: At a time when the central government wants all the manholes and bore-wells be covered across the country, the risk to life is widening in Srinagar as for now even uncovered sumps are More



  • Jammu

Cong playing mischief with JK, NC: Kamal

Fully behind UT status for Leh: BJP

RAJEEV SHARMA

Jammu, Feb 28:  Adoption of a new emblem and flag by the Ladakh Autonomous Hill Development Council (LAHDC) Leh has snowballed into a major political controversy with National Conference and Peoples More


  • Briefs

Javed Iqbal assumes charge as Dir RK

Srinagar: Immediately after taking over the charge of Director Radio Kashmir Srinagar, Javed Iqbal on Monday said the public grievance programmes would be his priority. Iqbal said his priority would More


  • Business

PRANAB PLAYS SAFE IN HIS 6TH INNINGS SPEECH

Bugdet 2011-12

GK NEWS NETWORK/AGENCIES

New Delhi, Feb 28: It was the 80th budget speech presentation in the history of independent India, when Finance Minister Pranab Mukherjee on Monday read out his taxation and other economic policies before More


ADD
Designed Developed and Maintaned By Imobisoft Ltd /Algosol Software Solutions