Direct Tax Code 2011 by Finance Minister Mr.Pranab Mukherjee
Great news: Mr.Pranab Mukherjee, Union finance minister has introduced the DTC (direct tax code) bill in the Lok Sabha.
The DTC bill provides for tax exemption on annual income up to
Rs.2,00,000 (2 Lakh) for male and female; and Rs.2,50,000 (2.5 Lakh) for senior citizens . This means that if you have Net Taxable Salary of 2,00,000 then you do not need to pay any tax.
The slabs now would be as follows:
Above Rs.2,00,000 and less than Rs.5,00,000 : 10% tax would be deducted
Above Rs.5,00,000 and less than Rs.10,00,000 : 20% tax would be deducted
Above Rs.10,00,000 (10 Lakh): 30% tax would be deducted
Blog by BBSPL
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