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Tax slabs changed,to benefit 60 pct of taxpayers

In a relief to individual tax payers,the govt changed the slabs cutting the rate to 10 per cent for income up to Rs five lakh.

Written by Agencies | New Delhi | Published: February 26, 2010 1:03:34 pm

The Finance Minister said the changes in tax slabs would benefit 60 per cent of taxpayers.

Changes in personal income tax slabs would help taxpayers save 4-6 per cent of their tax outgo,experts said.

Mukherjee’s proposals sent cheers among taxpayers as they were not expecting any major changes before the implementation of the Direct Taxes Code,which is likely to come in to force from April 1,2011.

However,the changes in slabs as proposed in draft DTC would be much steeper as it suggested 10 per cent tax on income between Rs 1.6 lakh and Rs 10 lakh,20 per cent on up to Rs 25 lakh and 30 per cent on income beyond that.

On the other hand,corporates were not upbeat on the proposal as they said what the government gave them by reducing surcharge has been taken back from increase in MAT.

The Finance Minister said the changes in tax slabs would benefit 60 per cent of taxpayers.

Changes in personal income tax slabs would help taxpayers save 4-6 per cent of their tax outgo,experts said.

Mukherjee’s proposals sent cheers among taxpayers as they were not expecting any major changes before the implementation of the Direct Taxes Code,which is likely to come in to force from April 1,2011.

However,the changes in slabs as proposed in draft DTC would be much steeper as it suggested 10 per cent tax on income between Rs 1.6 lakh and Rs 10 lakh,20 per cent on up to Rs 25 lakh and 30 per cent on income beyond that.

On the other hand,corporates were not upbeat on the proposal as they said what the government gave them by reducing surcharge has been taken back from increase in MAT.

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