Thread: New tax slabs 2011-2012 set to increase

new I-T law has makes radical changes in all areas of taxation: it lowers the incidence of tax on corporate and individual incomes but reintroduces wealth tax and capital gains [COLOR=blue ! important][COLOR=blue ! important][/COLOR][/COLOR] tax, albeit at lower levels

The new law proposes to exempt income up to Rs 1,60,000 a year from tax. Income up to Rs 10 lakh will be taxed at 10%, 10-25 lakh at 20% and beyond Rs 25 lakh at 30%.

Which will be boon and govt has taken steps to correct the decade old taxation law..giving relief to tax payers

The Code further proposes abolition of STT. Capital gains on shares and securities has been proposed to be taxed as income, added to other income after indexation with base year 2000

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