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    Mar 16, 2010

    INCOME TAX RATES IN NEW TAX CODE


    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.
    To know more go to
    INCOME TAX RATES IN NEW TAX CODE

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