Chidambaram assures that on tabling the Bill Parlianment will abide by all recommendations of the standing committee
After the Direct Taxes Code (DTC) Bill is approved by Parliament, it may bring with it major relief for personal income tax payers. At a press conference on Monday, Finance Minister P Chidambaram said when the final version of the Bill was tabled in Parliament, the government would abide by the recommendations of the parliamentary standing committee on DTC.The parliamentary panel, chaired by former finance minister Yashwant Sinha, had recommended the DTC increase income tax exemption limit to Rs 3 lakh a year, against the Rs 2 lakh proposed in the Bill. Currently, the exemption stands at Rs 2 lakh.
The panel also suggested a 10 per cent income tax rate be applicable for annual income of Rs 3 lakh to Rs 10 lakh. The DTC Bill had proposed this rate on income of Rs 2-5 lakh. Currently, too, 10 per cent income tax is imposed on the Rs 2-5 lakh slab.
PERSONAL INCOME TAX RATES ON ANNUAL INCOME | ||||
Tax exemption | 10% rate | 20% rate | 30% rate | |
Current* | Annual income | Annual income above?Rs 2 lakh and up to Rs 5 lakh | Annual income above?Rs 5 lakh and up to Rs 10 lakh | Annual income |
DTC Bill | --same-- | --same-- | --same-- | --same-- |
Standing | Annual income | Annual income above | Annual income above | Annual |
* Current means financial year 2012-13 and assessment year 2013-14 Source: Budget 2012-13: DTC Bill as tabled in Parliament in August 2010 and?Parliament?s Standing Committee on Finance? |
Initially, DTC was scheduled to be introduced from April 1. However, the standing committee had submitted its report to Parliament only in March. The government would now table the revised DTC Bill in Parliament.
Source: Business Standard
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Source: http://karnmk.blogspot.com/2012/11/dtc-may-bring-relief-on-income-tax-rates.html
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