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New Tax structure paves way for DTC next yr

Budget Update:
 
From: http://beta.profit.ndtv.com/news/show/relief-for-60-income-tax-payers-in-budget-27658

FM prunes tax rates:
Income up to Rs 1.6 lakh - nil
Income above Rs 1.6 lakh and up to Rs 5 lakh - 10 per cent
Income above Rs 5 lakh and up to Rs 8 lakh - 20 per cent
Income above Rs 8 lakh - 30 per cent.

New tax rates would offer relief to 60 per cent of taxpayers, the finance minister said.

Additional deduction of Rs 20,000 allowed on long-term infrastructure bonds for income tax payers; this is above Rs one lakh on saving instruments allowed already.
Investment linked tax deductions to be allowed to two-star hotels anywhere in the country.

With simplification of the Tax regime proposed above by the FM in this budget, a way has been paved for a Direct Tax Regime - which the FM has confirmed will go live from next year (April 1, 2011).

What is Direct Tax Code (DTC)?
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