source (Reuters) - The cabinet on Thursday approved a bill to simplify the country's archaic direct tax laws, law minister Veerappa Moily said.
The direct tax code bill is a key reform aimed at widening the tax net and increasing revenues for the central government.
The government will seek approval on Monday from parliament where the bill is expected to go through as the measure enjoys broad political support.
The proposed tax reform will cut tax rates to bring in more people and companies under the net, phase out profit-linked exemptions for firms and replace them with investment-linked incentives.
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Cabinet approves direct tax bill
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NEW likely SLAB RATES UPTO 2 LAKHS - NIL 2 TO 5 LAKHS - 10% 5 LAKHS TO 10 LAKHS - 20% ABOVE 10 LAKHS - 30%
Could you state your source for the slab rates.
CA Club admin only saying on fb the rate even i was also not aware about rates thats y i written likely
CPA , CIMA etc The Union Cabinet has cleared the DIRECT TAX CODE and will be presented in the Rajya Sabha on Monday, to be effective from 1st April 2011.NEW SLAB RATES
UPTO 2 LAKHS - NIL
2 TO 5 LAKHS - 10%
5 LAKHS TO 10 LAKHS - 20%
ABOVE 10 LAKHS - 30%
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