TAX RATE UNDER NEW DIRECT TAX CODE

  

The new Direct Tax code is only at draft stage and its still not approved.Under New Tax code its proposed to make tax structure simplyfied so main benefit will be given to individuals and corporates were tax rate have been reduced. however still this has not been approved so i expect that Tax rates for Individuals may again be modified from proposed levels. in case of corporates the tax will be reduced from current level of 30% besided surchage will be removed.
 
1.Tax Rates for Individual / HUF

Upto 1,60,000 :- Nil
1,60,001 to 10,00,000 :- 10%
10,00,001 to 25,00,000 :- 20%
Above 25,00,000 :- 30%

2.Tax Rates for Women Below 65 Years 
Upto 1,60,000 :- Nil
1,60,001 to 10,00,000 :- 10%
10,00,001 to 25,00,000 :- 20%
Above 25,00,000 :- 30%

3.Tax Rate for Co-operative Society
Upto 10,000 :-10%
10,001 to 20,000 :- 20%
Above 20,000 :- 30%
In Case of Any Other Society its 30% of Total Income

4.Incase of Non Profit Organization 15%
5.Incase of Every unincorporated body 30%
6.In case of Local Authority 30%
7.The Tax structure for Companies will done as follows
    (i) MAT will be based on asset value and not book profits
    In Case of Banking Companies 0.25% & Other Companies its 2%on the value of Gross Assets
    (ii) Normal Tax Rate is 25%
8.Dividend Distribution Tax is 15% whether interim / Final etc (Exempted in hands of Investors)
9.Tax On Branch Profit is 15%
10.Non Resident
  A. Investment income by way of
          • Interest :- 20%
          • Dividend (on which Distribution tax is not paid) :- 20%
          • Capital Gains :- 30%
          • Any Other Investment Income :- 20%
  B. On Income From Royalty / Fees for Technical Services :- 20%
 11. Non-resident sportsman, who is not citizen of India :- 10%
 On income by way of participation in India in any India game [other than a game the winnings here from are taxable under sub-item (b) of item 4] / sport / advertisement /contribution of articles relating to any game or sport in newspapers, magazines / journals in India
 12.Non-resident sports Association / Institutions :- 10%
On income by way of guarantee money in relation to any game (other than a game the winnings
Where from are taxable sub-item (b) of item 4) or sports played in India.
 13. Any Assessee :- 30%
Any lottery or crossword puzzle / race, including horse race (not being the income from the activityof owning and maintaining race horses) / card game or any other game /gambling or betting.