Relief to tax payers in offing

The Government will table the much-awaited Direct Taxes Code (DTC) bill in the Lok Sabha tomorrow,that is expected to provide relief to income tax payers,both personal and corporate,though not as much as was proposed earlier in the draft.

The government is quite confident of replacing archaic Income Tax Act with DTC from April one,2011.

Finance Minister Pranab Mukherjee has said he would announce the slabs for personal income tax while tabling the bill and has refused to share the details before that.

He has only said so far that the exemption limit will be raised from the current Rs 1.6 lakh in a year to Rs two lakh.