I-T exemption limit to be Rs 2 lakh

I-T exemption limit to be Rs 2 lakh

The much-awaited Direct Taxes Code Bill got the Cabinet nod on Thursday and is now likely to be tabled in Parliament shortly. Thereafter, it will be refered to the select committee.
Income between Rs 2-5 lakh is likely to attract a rate of 10 per cent; 20 per cent for the Rs 5-10 lakh bracket and 30 per cent above Rs 10 lakh.

For senior citizens and women, the tax slabs are likely to be relaxed further.

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