Has been released as direct taxes a new law (DTC 2011) tax bill direct or law or India 2011 tax bill direct and highlights the Finance Minister Pranab Mukherjee, who will replace the current structure of income tax from 2011-12 and this tax law new direct ( DTC 2011) tax bill for the direct or India Bill 2011 are applicable from the financial year 2011-12, starting on April 1, 2011 and tax law highlights the direct and announced. New Direct Tax Code (DTC to bring relief to taxpayers, have also been simplified and slabs of additional taxes that were approved by the cabinet on yesturday 26 August 2010. And taxpayers can now get more benefits.
He said that the original project and promised a whole new paradigm in direct taxes, and reduce the tax burden significantly while also doing away with most of the exemptions. A revised draft was issued in June of this year brought back some exceptions, such as those available to the interest rate on housing loans, which proposed the first draft to get rid of.
The speculation that this may push the Ministry of Finance for a tax review boards are also less ambitious in order to avoid giving up a lot of income has now proved justified. Under the original proposal, 10% of the cluster will have terms of up to Rs 10 lakh and about 20% to Rs 25 lakh, and this means that 30% would have applied only to income of more than Rs 25 lakh per annum.
On the positive side of the individual taxpayers, and withdrawal from provident funds will not be subject to tax as proposed by the original company Delhi to do it. And discounts are also taxable income to be available for the interest rate on housing loans up to Rs 1.5 lakh per annum and payments of the National Front and similar retirement plans up to Rs 1 lakh. Also available will be a discount of up to 50000 rupees for life insurance and health insurance or tuition fees.
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