As most of you already know that new income tax rates were announced today in the budget speed by Mr Finance Minister and there doesnt seem to be a lot to cheer about and there was no mention of DTC either. Below are the new income tax rates for financial year 2012-2013 :
0 to 2,00,000 No tax 2,00,001 to 5,00,000 10% 5,00,001 to 10,00,000 20% Above 10,00,000 30%
I was expecting the tax exemption limit to be raised to Rs3 Lakhs atleast if not more. I am not complaining but it wouldnt hurt to bring the top tax rate down from 30% to 20% may be and no tax for people making less then 8lakhs perhaps? That is wishful thinking I guess.
I hope we get that DTC sooner rather then later and have some clarity on what the rates are going to be.