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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
then it means dtc will be effective from 1.4.2012 or not?
from which attempt will dtc be applicable.
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