Direct Tax Code 2011

Direct Tax Code 2011, Direct Tax Code 2011 highlights. To know more about Direct Tax Code 2011 read the following article.

Direct Tax Code 2011 is going to be applicable form April, 2012 (Starting from 1st Day of April 2012) and the Goods and Services Tax Bill is to be introduced in Parliament this year as announced by the Finance minister Pranab Mukherjee in his Budget speech 2011-12.

Direct Tax Code 2011 highlights

Direct Tax Code 2011 brings a Major relief for salaried class.

Under the Direct Tax Code 2011 the government seeks to widen tax slabs to levy 10% tax on income between Rs 2 lakh and Rs 5 lakh, 20% on Rs 5-10 lakh and 30% above Rs 10 lakh.

Currently, income up to Rs 1.6 lakh per annum is exempt from tax for individuals. For women and senior citizens, the limit is 1.9 lakh and 2.4 lakh, respectively. The tax is levied at a 10% rate on income between Rs 1.6 lakh and Rs 5 lakh, 20% on Rs 5-8 lakh and 30% above Rs 8 lakh.

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