Will tax exemption limit be raised to Rs 3 lakh?
March 09, 2012  16:01

A few minutes more for the court decision on actor John Abraham's bail plea.

 

Meanwhile, ahead of the Budget, a Parliamentary panel that scrutinised the Direct Taxes Code Bill has suggested that income tax exemption limit be
raised to Rs 3 lakh per annum, and the investment limit for tax savings schemes be hiked to Rs 3.20 lakh. 

 

In its report, which was submitted to the Lok Sabha Speaker Meira Kumar today, the Standing Committee on Finance suggested that the wealth tax limit be pegged at Rs 5 crore, while the Securities Transaction Tax be abolished. As regards the corporate tax, the Committee, which is eaded by senior BJP leader and former Finance Minister Yashwant Sinha, recommended that the rate be retained at 30 per cent.


The report will pave the way for debate and passage of the DTC Bill, which seeks to replace the Income Tax Act, 1961, by Parliament. 

« Back to LIVE

TOP STORIES