New tax slabs after studying inputs: Pranab Mukherjee

Posted By: Staff
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New Delhi, June 18 (ANI): Union Finance Minister Pranab Mukherjee said on Friday that the Centre would take a view on new tax slabs after receiving inputs from different stakeholders on the revised draft of the Direct Taxes Code (DTC).

In August 2009, the Centre had released the first Direct Taxes Code (DTC) draft.

The draft proposed 10 per cent tax on the income of Rs 1.6 lakh to Rs 10 lakh, 20 per cent on Rs 10 lakh to Rs 25 lakh and 30 per cent beyond Rs 25 lakh in a year.

At present, 10 per cent is levied on income between Rs 1.6 lakh to 5 lakh, 20 per cent on Rs 5 lakh to 8 lakh and 30 per cent over Rs 8 lakh.

The revised draft, on which the Finance Ministry has invited comments from the public till June 30, is silent on tax slabs.

Mukherjee declined to give any clear indication about the new tax slabs saying "these are only discussion papers. How will I comment..."

He said the tax structure would be revealed in the legislation to be introduced in Parliament. (ANI)

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