Thursday, August 26, 2010

Direct Tax Code !!!

It's time to rejoice for salaried ( also enterpreneurs , actually I meant taxpayers ) persons as the GOI (Government of India) has announced an exemption for every slab of income.

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%
The limit for exemptions for salaried people is Rs. 2 lakh, while that for senior citizens is Rs. 2.5 lakh.

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.


ameet said...

And now bad news - Its not gonna be implemented before April 2012!! :(

Prathima gangadhar said...

nice and thanks for the review,hope you drop by some times :)


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