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Budget 2012-13: MPs want exemption hiked of Rs. 5 lakhs

Before the budget, some of the Ministers of Parliament’s group scrutinized the Direct Taxes Code (DTC) Bill today praised for raising the income tax release limit up to Rs. 5 lakhs per annum.

The Standing Committee of Finance, met under the Chairmanship of BJP leader, Yashwant Sinha, has decided to settle this report by March 2, facilitating Parliament to consider the ambitious reforms in direct tax regime.

Direct Tax Code

 The sources said that, “The committee will sit for a meeting on March 2, to decide everything about the DTC Bill.” Some Mps said that, “The DTC Bill exemption should be increased to Rs. 5 lakhs because of the inflation and erosion in purchasing power of rupee.” The government is waiting for the approval of the new DTC bill by next financial year. In the budget which will be presented on March 16, the bill may include some new rules.

Currently, the income is Rs. 1.80 – 5 lakhs attracts 10% tax, Rs. 5-8 lakhs 20%, above Rs. 8 lakhs 30%. It has also proposed retaining the corporate tax rate at the existing 30%. The DTC will replace the Income Tax Act, 1961, which was referred to the Standing Committee for scrutiny after the introduction of it in the Lok Sabha on August 20, 2010.

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