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Proposed Direct Tax Code(DTC) from April 1st 2012

Income tax exemption limit proposed at Rs.2 lakh per annum, up from Rs.1.6 lakh

10% tax on annual income between Rs.2 to 5 lakh
20% tax on annual income between Rs.5 to 10 lakh
30% for above Rs. 10 lakh

Proposal to raise tax exemption for senior citizens to Rs.2.5 lakh from current 2.4 lakh

Corporate tax to remain at 30% but without surcharge and cess

Minimum Alternate Tax to be 20% of book profit, up from 18%

Proposal to levy dividend distribution tax at 15%

Exeption for investment in approved funds and insurance schemes proposed at Rs.1.5 lakh annually, against Rs.1.2 lakh

Once enacted, DTC will replace outmoded IT Act

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