
Finance Minister on Wednesday commenced essential tax reforms through a draft code that intends at toning down income tax rates. So I am giving New Income Tax slab under New Direct Tax code 2009. However, it is proposed right now, and if it gets approval it will be applicable to A.Y. 2011-2012. Updates: (The DTC direct tax code (DTC) will be applicable from 1-4-2011 as stated in Budget 2010. So please see Income tax slab .....

The Finance Minister on Wednesday unveiled the draft of a brand new direct tax code/law, which will replace the four-decade Income-Tax Act, “… to improve the efficiency and equity of our tax system by eliminating distortions in the tax structure, introducing moderate levels of taxation and expanding the tax base”, said finance minister Pranab Mukherjee. The direct tax code would replace the Income Tax Act 1961, Chidambaram said. Adding that the new direct tax code .....