NEW DELHI: The Finance Minister Pranab Mukherjee announced raising the tax exemption limit from the curent level of Rs 1.8 lakh to Rs 2 lakh. For income upto Rs 2 lakh, the tax deduction will now be nill. For those with an income between Rs 2-5 lakh the tax deduction would be 10%. For income between Rs 5-10 lakh the tax bracket will be 20%. Income above Rs 10 lakh will now come under the 30% tax bracket. The Finance Minister also announced the introduction of DTC tax rates. Corporate tax rates were left unchanged. Savings accounts will now get Rs 10,000 tax deduction for interest earned. The Parliamentary standing committee on finance had recommended an increase in basic tax exemption limit to Rs 3 lakh and another Rs 3.20 lakh rebate for eligible investments and spending in its report on the direct taxes code, or DTC. The Direct Taxes Code Bill had proposed the basic exemption limit of Rs 2 lakh. The senior BJP leader Yashwant Sinha headed panel that looked into the bill had also asked the government to continue with higher exemption limit for women. The panel had suggested retaining the three-slab structure of 10%, 20% and 30% for personal income tax.
Share and Care | |
For Further Reading,
- Changes in labour laws
- latest News OROP - One Rank One Pension Explained in 10 Points
- Vijaya Bank Recruitment 2013 of Probationary Manager (Security)
- Recruitment Guidelines for the Central Public Sector Enterprises
- Filling up of post of Personal Assistant in Staff Selection Commission (WR), Mumbai — regarding
- Special Class Railway Apprentices’ Examination, 2013
- Central Government Jobs Dec 2012
- Commencement of Electronic Verification of Income Tax Returns for AY 2015-16
- Field Offices Under Chief Commissioners of Customs/Central Excise/Service Tax to Remain open tomorrow, 28th March, 2015 to Facilitate filing of Returns/Payment of Taxes
- 'BJP vision panel may propose no income tax on salaried class'
- All Tax Payers should file their Income Tax returns even after deadline...
- Implementation of the approved Restructuring of the Income Tax Department
- Tributes paid to Babu Jagjivan Ram on Samta Diwas
- Govt’s new sexual harassment guidelines: ‘Can transfer accused, give paid leave to complainant’
- OROP: Ex-servicemen Warn of Upping Ante
1 comments:
its not pranab buget pity he has taken the footsteps of singh no guts what ever madam says he has to oblige allowing more black money thats encouraging corruption horrible pranab its not called for atleast tmc fellow has some guts
Post a Comment