Direct Tax Code-An Analysis

To increase efficiency DTC was proposed in 2009 in Parliament by Depratment of Revenue, MoF.

The Finance Act on a year to year basis deals with following taxes:-

• Income Tax
• Divident Distribution tax
• Fringe benefit tax
• Welath tax

Taking in to consideration of the various income levels, the rates of Income tax:-

In case of indviduals other than women and senior citizen:-

• Upto Rs.1,60,000* - Nil
• Rs. 1,60,000 -Rs. 10,00,000- 10%
• Rs.10lac to Rs. 25 lac-20%
• > Rs. 25lac-30%

*Rs.1,90,000 in case of women and Rs. 2,40,000 in case of senior citizen