sagar (CA Final) 27 August 2010
noe Direct Tax Code has been approved and it may be placed in parliament in monsoon session.
As per the code, basic exemption limit is Rs.200000/- for salaried class.
from Rs.200000-500000 tax rate is 10%
From RS.500000-100000 tax rate is 20%
from Rs. 10000 and above it is 30%.
However corporate tax has been kept at 30%.