Direct Tax Code is cleared by Cabinet and now the road for introducing the DTC Bill in parliament is paved. There is some relief given in form of small tax rate cut. The corporate tax rate, which currently stands at 33% has been reduced to 30%, including cess and surcharge. The original draft had proposed 25%, but it has been revised upwards. The basic tax exemption has been set at Rs
The proposal of first draft DTC that wealth tax limit was set at 50 Crore has been selved in revised draft Direct Tax Code.It is proposed that Wealth Tax will be levied broadly on the same lines as provided in the Wealth Tax Act, 1957.
I will return to India for permanent settlement in June 2007.Am I exempted from wealth tax for the next seven years?Please explain the existing wealth tax rule for bank deposits. firstname.lastname@example.orgSection 5 of the Wealth Tax Act is regarding the exemption granted to certain types of case. Sub-section (v) of section 5 deals with the