The Government Today tabled the much awaited Direct Tax Code Bill which proposes many tax benefits even though it offers less benefits compared to the original proposal which Govt unveiled a year back.
As per the current Direct Tax Code Bill minimum taxable amount will be increased to Rs 2 lakh from the current 1.6 lakh, 2 to 5 lakh will be charged at 10%, 5 to 10 lakh at 20% and above 10 lakh 30%.
A person earning more than 10 lakh a year can save up to 41,040 once the new bill is implemented.
The new Direct Tax Code will come into effect from April 1, 2012.
Its good that the Direct Tax Code has been delayed by an year thereby giving time to analysts and to the assessee as well to reschedule his Tax Planning and be aware of the same in advance