Budget 2012: Segments Expected to Get a Hike
By siliconindia   |   Thursday, 16 February 2012, 00:43 IST   |    1 Comments
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Direct Tax
Direct Tax The Direct Tax Code will be implemented from April 2012. In the DTC Bill, which was introduced in Parliament last year, the annual I-T exemption limit is proposed at Rs 2.lakh, compared to 1.6 lakh at present. Under the Bill, the government seeks to widen tax slabs to levy 10 percent tax on income between 2 lakh and 5 lakh, 20 percent on 5-10 lakh and 30 percent above Rs .10 lakh. Currently, income up to 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 percent rate on income between 1.6 lakh and 5 lakh, 20 percent on 5-8 lakh and 30 percent above 8 lakh. The Goods and Service Tax Bill is to be introduced in the Parliament this year.

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