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Bookmark and Share INCOME TAX RATES IN NEW TAX CODE

nitinaggarwal's site:
www.taxalertindia.com

Ministry of Finance, has released a new DIRECT TAX CODE which will be applicaple in F.Y. 2011-12 and will replace the old act.The features of New direct tax code are:-

1-Tax rates will be uniform.

2-Saving limit will be 3 lakhs.

3-Most of the exemption will be abolished, and with some exemption there is the need to mention in Income head instead of showing another head.

4-STT(Security transaction tax) will be abolished.

5-Business loan can be carried forward.

6-Taxes rates are 10% upto 10 lakhs.

7-Company tax rates are 25% instead of 30%

8-Exemption limit will remain same 160000 for male,190000 for female and 240000 for senior citizen.

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nitinaggarwal's picture
Published 2 years 10 weeks ago
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