Proposed Direct Tax Code & New Tax Slab 2011-2012

India Finance Minister Mr Pranab Mukherjee has proposed  new Direct Tax Code Bill repalcing old  indian income tax act of 1961. In this new act the minimum  basic exemption limit for individual tax slab is now Rs 2 lakh to 10 lakh and above. the two lakh to five lakh individual tax payer can pay 10%, five lakh to 10 lakh 20% and 10lakh and above tax payer can pay 30 % of tax. It will be effective from next year Financial Year 2011-12.
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