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Direct Tax Code: Ready Reckoner |
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The DTC bill was presented in Parliament on 30 August 2010. DTC is to be effective from April 1, 2012, i.e. for the financial year 2012-13.
Personal Income Tax-
(The difference between Men and Women has been done away with. For the senior citizen tax exemption limit has been changed from current 2.4 Lac to 2.5 Lac )
Tax deductions-
• All long term saving schemes has been now put under EEE regime and against EET under the existing law.
• Up to 1,50,000 can be claimed as interest payout for housing loan
• Under the new regime medical treatment cost up to 60,000 for senior citizen and 40,000 for others can be claimed.
• Besides this, similar cost for the dependent disabled person is deductible upto 1 lac
• Exemption for long-term capital gains from equity shares/units of equity oriented mutual funds retained.
• STT to be retained.
• Short-term capital gains (where equity shares/units are held for 1 year or less) - deduction of 50% to be allowed and balance 50% taxed. Likewise short-term capital loss to be scaled down by 50%
• Wealth tax threshold increased from 30 lakh to 1 crore and tax rate at 1 percent.
Corporate Tax-
Profit linked incentive has been replaced with investment linked incentive. |
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