The Direct Tax Code (DTC) Bill, which will replace the existing Income-Tax Act, 1961, has been presented in the Parliament and will be enacted as a law if approved by both Houses, effective from 1-April-2012. TAX SLABS Income Exemption limits are as follows: For men: Upto Rs 2.0 lakh (Raised from Rs 1.6 Lakh) NIL* Between Rs 2.0 Lakh and Rs 5 Lakh: 10% (From Rs 1.6 - 5 Lakh) Between Rs 5.0 Lakh and Rs 10 Lakh: 20% (From Rs 5 – 8 lakh) Above Rs 10 Lakh: 30% (From Rs 8 lakh) *For women: Raised from Rs 1.9 lakh to Rs 2.0 lakh The minimum tax saving is Rs 4000 (Rs 1000 for women assessee) and the maximum tax saving is Rs 24000. Deductions Deductions under Sec 80C has been enhanced to Rs 1.5 lakh (From Rs 1.2 lakhs currently). However, the basket of investments has been modified for deduction under this clause. Investments include: a) Contribution to PPF b) Contribution to PF c) Contribution to superannuation fund d) Contribution for New Pension Scheme (NPS) Sum a – d)
Hello, Welcome to the world of Finance !! This blog has been created to share information on Finance, Accountancy, Investment Management and Economy. Do send in your suggestions and comments. For me its all about, "Improving Perfection" ~Happy Blogging!!