Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: cpt :: empanelment :: VAT Audit :: TDS :: Central Excise rule to resale the machines to a new company :: ACCOUNTING STANDARDS :: VAT RATES :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: due date for vat payment :: list of goods taxed at 4% :: ACCOUNTING STANDARD :: ARTICLES ON INPUT TAX CREDIT IN VAT :: form 3cd
 
 
Direct Tax »
 Hopeful of meeting direct tax collection target for this financial year: CBDT
 Bengaluru tops in income tax probes after demonetisation
 Income Tax department rejects black money disclosures of over Rs 2 lakh crore
 CBDT urges people to protect bank accounts from 'unscrupulous elements'
 No change in gold seizure norms in proposed I-T Law amendments
 Direct tax collection will get a long-term boost, Franklin Templeton says
 I-T Act amendments upset calculations of cash hoarders
 Claim tax benefit on costs incurred to evict tenants
 The Integrated Goods And Services Tax Act, 2016
 Here’s what Income Tax Department did leading up to demonetisation
 I-T department asks IDS declarants to pay tax by November 30

Direct Tax Bill: Relief lowered from proposal
August, 31st 2010

Union Finance Minister Pranab Mukherjee on Monday tabled the Direct Taxes Code Bill 2010 in the Lok Sabha that seeks to replace the archaic tax regime, widen the tax net, provide incentives to investors and increase revenues to boost economic growth of the third fast growing economy in Asia.

The DTC Bill has been referred to the Select Committee of Parliament for scrutiny.

The Bill has proposed to raise the income tax exemption limit from the current Rs 1.6 lakh to Rs 2 lakh and widened tax slabs to levy 10 percent rate on income between Rs 2 lakh and Rs 5 lakh, 20 percent on Rs 5-10 lakh and 30 percent above Rs 10 lakh.

The proposed tax slabs are much lower than originally suggested in the draft DTC bill 10 percent for Rs 1.6 lakh to Rs 10 lakh, 20 percent from Rs 10-25 lakh and 30 percent for income above Rs 30 lakh.

The changes, when they take effect, will help save up to Rs 41,040 for people earning more than Rs 10 lakh a year vis-a-vis the current tax rates under the IT Act.

For senior citizens, tax exemption is sought to be raised to Rs 2.5 lakh from Rs 2.40 lakh.

However, the women tax players who enjoy higher exemption limit at Rs 1.9 lakh per annum as compared to Rs 1.6 lakh, will loose their special category. Instead their incomes will be taxed at the applicable rate for general tax players.

Significant tax incentives include upto Rs 1 lakh on long term savings like provident fund, superannuation fund, gratuity fund, pension fund, upto Rs 50,000 for expenditure on tuition fees of children, pure life premia, and health insurance payments, upto Rs 1,50,000 for interest paid on construction or acquisition of a self occupied house property.

Of the 3.25 crore tax payers about 96 percent of Indias taxpayers are in the earning bracket of Rs 1 lakh to Rs 5 lakh.

They pay around 30 percent of our total taxes. The slab of Rs 8 lakh and above accounts for 2.2 percent of our taxpayers, but they pay 60 percent of the taxes, that leaves 10 percent which is in the Rs 5 lakh to Rs 8 lakh, Union Revenue Secretary Sunil Mitra told reporter here.

The legislation also proposes to increase fix corporate tax at a flat rate of 30 percent, minimum alternate tax from 18 percent to 20 percent of the book profit of a company. It also seeks to levy dividend distribution tax at 15 percent.

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2016 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Our Experience

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions