Asia Bizz: New Direct Tax Code To Be Issued In India, To Come In Affect From April 2011

Direct tax code 2011- The Indian citizens have one more reason to smile, and this concerns their financial earnings and the tax payments. The Indian government has once again taken a step to curb down the taxes that are laid on the Indian working citizens. A new Direct Tax code can be issued and may come into effect by April 2011, but the finalization has not yet been done by the Parliament of India The new Tax codes will help simplify the tax burden on a normal individual in India.

Income-Tax-Department-India

The following is the new tax slab rates:

For Indian Working Men
Income: upto 1.6 lacs – no income tax
Income : 1.6 lacs to 10 lacs -10 %
Income : 10 lacs to 25 lacs -20 %
Income : above 25 lacs -30 %

For Indian Working Women
Income : upto 1.9 lacs – NO TAX
Income : 1.9 lacs to 10 lacs – 10 %
Income : 10 lacs to 25 lacs – 20 %
Income : above 25 lacs – 30 %

For Indian Senior Citizens
Income : upto 2.4 lacs – NO TAX
Income : 2.4 lacs to 10 lacs – 10 %
Income : 10 lacs to 25 lacs – 20 %
Income : above 25 lacs – 30 %

The above slabs have not yet been finalized and if finalized it will be in effect for the financial year 2011-12. The above tax system will lessen the burden of taxes on the Indian working individuals.

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