NEW TAX CODE Tax deduction limit on savings to be hiked to Rs 3 lakh
NEW TAX CODE |
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Proposed Income Tax Rates for Individuals |
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| Up to Rs.1,60,000 | Nil |
|---|---|
| From Rs.1,60,000 to Rs.10,00,000 | 10 Per cent (Income exceeds Rs.1,60,000) |
| From Rs.10,00,000 to 25,00,000 | 20 Per cent (Rs.84,000 + Income exceeds Rs.10,00,000) |
| Above Rs.25,00,000 | 30 Per cent (Rs.3,84,000 + Income exceeds Rs.25,00,000) |
Proposed Income Tax Rates for Women-below 65 years |
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| Up to Rs.1,90,000 | Nil |
|---|---|
| From Rs.1,90,000 to Rs.10,00,000 | 10 Per cent (Income exceeds Rs.1,90,000) |
| From Rs.10,00,000 to 25,00,000 | 20 Per cent (Rs.81,000 + Income exceeds Rs.10,00,000) |
| Above Rs.25,00,000 | 30 Per cent (Rs.3,81,000 + Income exceeds Rs.25,00,000) |
Proposed Income Tax Rates for Senior Citizens |
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| Up to Rs.2,40,000 | Nil |
|---|---|
| From Rs.2,40,000 to Rs.10,00,000 | 10 Per cent (Income exceeds Rs.2,40,000) |
| From Rs.10,00,000 to 25,00,000 | 20 Per cent (Rs.76,000 + Income exceeds Rs.10,00,000) |
| Above Rs.25,00,000 | 30 Per cent (Rs.3,76,000 + Income exceeds Rs.25,00,000) |
More details: DIRECT TAXES CODE BILL, 2009
2 comments:
The tax exemption limit should be atleast 500000/- in place of 160000Instant proposal seems to be based on the theory MORE SALARY LESS TAX, LESS SALARY MORE TAX.This is not fair because class I officers & above will pay very less tax as they were paying earlier at 30% and now they will pay at10%.This will sure reduce the tax collection of the Govt. On the other hand, Below grade employees will pay more tax even they are to pay tax for their every day meal.
M K SAHU,NVS,HYDERABAD
Yes you are right Mr.Uttam Kumar.
I do agree with your points posted in this blog. Based on the gross salary they should fix the tax rate. For the employee who draws less salary should pay less tax and who draw higher salary are capable for paying higher tax.
So Finance Minster should think in this direction before he brings Nex Tax code into implementation.
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