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
