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Highlights of Report of Standing Committee – Income Tax exemption slabs may be increased

Highlights of Report of Standing Committee on Finance on DTC  Bill, 2010

  • Raise Personal I-T exemption limit to Rs 3 lakh from Rs 1.8 lakh
  • 20% on income between Rs 10-20 lakh, 30 % above Rs 20 lakh
  • Hike tax savings schemes limit to Rs 3.2 lakh,from Rs 1.8 L
  • Retain corporate tax rate at 30%
  • Remove Securities Transaction Tax (STT)
  • Levy 10 pc tax on income between Rs 3-10 lakh
  • Senior citizen benefits from 60 years instead of 65 years
  • Raise tax rate on life insurance cos to 15% from 12.5 %
  • Raise wealth tax limit to Rs 5 crore from Rs 30 lakh
  • The Committee has suggested that the proposed 60 days stay for non-resident Indians to retain their non-residential status be relaxed and restored to the existing 182 days, subject to conditions.
  • The Committee has recommend that the definition of house property should be re-drafted so that the distinction between commercial and non-commercial property is clearly brought out.
Download the full Report – Standing Committee Report – Direct Tax Code Bill 2010

 

Tags: Direct Tax Code 2010DTC 2010

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