*New optional tax slabs: New income tax slabs will be available for those who forgo exemptions.
|Taxable income slabs||Tax rates|
|Up to Rs 5 lakh||Nil|
|Rs 5 Lakh to Rs 7.5 Lakh||10%|
|Rs 7.5 lakh to Rs 10 lakh||15%|
|Rs 10 lakh to Rs 12.5 lakh||20%|
|Rs 12.5 lakh to Rs 15 lakh||25%|
|Rs 15 lakh and above||30%|
* To simplify the tax system and lower tax rates, around70 of more than 100 income tax deductions andexemptions have beenremoved.
*Dividend Distribution Tax (DDT) abolished; Companies will not be required to pay DDT; dividend to be taxed only at the hands of recipients, at applicable rates.
*Cash reward system envisaged to incentivise customers to seek invoice.
*15% concessional tax rate for new power generation companies.
* Tax oncooperative societies reduced to22% without exemptions.
*100% tax concession to sovereign wealth funds on investment in infrastructure projects.
* Tax on Cooperative societies to be reduced to 22 per cent plus surcharge and cess ,as against 30 per cent at present.
*To end tax harassment, new taxpayer charter to be instituted. Tax harassment will not be tolerated, says FM…Read more>>