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November 2, 2002 | 1811 IST
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Highlights of tax panel recommendations

Following are the highlights of the recommendations made by the task force on Direct Taxes headed by Vijay Kelkar, advisor to Finance Minister Jaswant Singh:

  • Income tax rates proposed at 20 per cent for earnings of Rs 100,000-Rs 400,000 and 30 per cent for over Rs 400,000.

  • Exemption limit should be raised to Rs 1,00,000 from Rs 50,000.

  • Standard Deduction should be lifted.

  • All exemptions on savings and other income, except for the handicapped, should be lifted.

  • Abolition of dividend tax, long-term capital gains tax and wealth tax.

  • Tax should be imposed on agri income of non-agriculturists.

  • Tax Information Network system to process TDS, advance tax and refunds.

  • Corporate tax rate should be reduced to 30 per cent from 36.75 per cent.

  • MAT should be abolished.

  • No tax on dividend distributed by companies.

  • All exemptions to be lifted.

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