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.
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