House panel for hiking IT relief limit to Rs.3 lakh

A Parliamentary Committee, scrutinising the Direct Taxes Code (DTC) Bill, will recommend raising the annual income-tax exemption limit to Rs.3 lakh and hiking the limit on tax breaks for investments to Rs.2.50 lakh following a broad consensus among its members

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Direct Tax Code (DTC) : The tax rates and slabs have been modified.

Direct Tax Code (DTC) : The tax rates and slabs have been modified. The proposed rates and slabs are as follows:

Annual Income Tax Slab

.. Up-to INR 200,000 (for senior citizens 250,000) Nil

Between INR 200,000 to 500,000 10%

Between INR 500,000 to 1,000,000 20%

Above INR 1,000,000 30%

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