So here comes the another draft of Direct tax code as mentioned in the Budget-2010 by Pranav dada. Its applicable on every tax payer but here I am just putting highlights how it'll affect a service man.
- As of now, 80c includes pension funds, ULIPS, FD, ELSS and other means. But in Direct tax code, FDs and ELSS wouldn't help in reducing tax burdon.
- The first bracket is proposed to be upto 10Lakhs and is subject to a flat applicable tax of 10%(or 20%, to be decided in monsoon session later).
- Another important thing, now tax exemption would be raised upto 3Lakhs and that includes everything from your 80C investments to your home loan interest of 1.5Lakhs.
will keep posting about any updation/addition as it comes.
- As of now, 80c includes pension funds, ULIPS, FD, ELSS and other means. But in Direct tax code, FDs and ELSS wouldn't help in reducing tax burdon.
- The first bracket is proposed to be upto 10Lakhs and is subject to a flat applicable tax of 10%(or 20%, to be decided in monsoon session later).
- Another important thing, now tax exemption would be raised upto 3Lakhs and that includes everything from your 80C investments to your home loan interest of 1.5Lakhs.
will keep posting about any updation/addition as it comes.
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