Dtc cleared by cabinet.... heres a brief idea abt dtc

Direct tax Code 2011 cleared by Cabinet

• Effective Date :  April 1, 2012

• New Direct Tax Code 2011: Major relief for salaried class

• The new provisions under the Direct Tax Code are as follows:
•   Tax for income between Rs. 2 lakh – Rs. 5 lakh: 10%
•   Tax for income between Rs. 5 lakh – Rs. 10 lakh: 20%
•   Tax for income over Rs. 10 lakh: 30%

• Corporate tax has been kept at 30%.

• The limit for exemptions for salaried people is Rs. 2 lakh including resident women,while that for senior citizens is Rs. 2.5 lakh.

Full Article : https://www.onlinesbs.in/2012/01/direct-tax-code-cleared-by-the-cabinet-a-brief-idea.html