Direct tax Code bill cleared by Cabinet

Posted: 26 Aug 2010 07:20 AM PDT

Highlights: Individual persons exempt up to Rs. 2 lakh Senior citizen upto Rs. 2.5 lakh exempt Tax for those earning Rs. 2 - 5 lakh at 10 per cent Corporate tax to be 30 per cent Tax for those earning Rs. 5-10 lakhs at 20 per cent Tax for those earning over Rs. 10 lakhs at 30 per cent. n a move that could leave more money in the hands of people, the government on Thursday proposed to raise exemption limit on income tax from the present Rs 1.6 lakh to Rs 2 lakh. The Cabinet...

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