Here are the details: -
- 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%
Corporate tax has been kept at 30%.
The revised proposal has also made it clear that tax incentives on housing loans will continue. Payment on interest on housing loans up to Rs. 1.5 lakh will continue.
The new Code comes into effect from April, 2011.