Finance Minister Pranab Mukherjee on Friday said the government will take a view on new tax slabs after receiving inputs from different stakeholders on the revised draft of the Direct Taxes Code (DTC).
“The government will take a final view (on tax slabs) after receiving all the inputs,” he said when asked whether the government was likely to retain the tax slabs suggested in the original DTC draft.
The first DTC draft, released in August, had proposed 10 per cent tax on the income of Rs 1.6 lakh-Rs 10 lakh, 20 per cent on Rs 10 lakh-Rs 25 lakh and 30 per cent beyond Rs 25 lakh in a year. At present, 10 per cent is levied on income between Rs 1.6 lakh-5 lakh, 20 per cent on Rs 5 lakh-8 lakh and 30 per cent over Rs 8 lakh.
The revised draft, on which the Finance Ministry has invited comments from the public till June 30, is silent on tax slabs. However, it did mention that tax slab and rates proposed in the first draft would be revised.
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