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A guide to the Direct Tax Code Bill- Part 1

| Filed under Economy

The Direct Tax Code (DTC) is here and will take effect from April 1, 2012. The DTC brings with it a host of new changes to the tax code and it is time you get to know how it could impact your investments, savings and taxes. In this first part of the series we will see the basic changes to the tax slabs and changes to the deductions.

tax code 300x210 A guide to the Direct Tax Code Bill  Part 1

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Investment options for senior citizens

| Filed under Economy

Have you listen the new ideas about the major investment options for senior citizens? The search for higher returns is now becoming a fairly common one. Life expenses are rising significantly and life styles are improving day by day. There for senior citizens have to face so many troubles related to their savings. Thus to live in better mode after retirement, it is necessary to choose the best investment option.

2003080201251001 290x300 Investment options for senior citizens

Choosing the right investment option is absolutely a tough task. Retirement specifies the beginning of a new phase in an individual’s life. It is a transition from a lifetime of work to a time when one can relax, spend time with the family and pursue other interests. Without a regular income, they have to spend their earnings before retirement for all his needs.

So, they need to find suitable investment plans to overcome these risks. Now many financial products offers high return packages. They provide a regular flow of income. Some of the important investment options are listed below.

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New Income Tax Rates and Slabs

| Filed under Economy

Following are the new tax rates and slabs:
Men below 65 years of age
Up to Rs 1,60,000
NIL
Rs 1,60,001 to Rs 3,00,000
10% of the amount by which total income exceeds Rs 1,60,000
Rs 3,00,001 to Rs 5,00,000
Rs 14,000 plus 20% of the amount by which total income exceeds Rs 3,00,000
Rs 5,00,000 and above
Rs 54,000 plus 30% of the amount by which total income exceeds Rs 5,00,000
Women
Up to Rs 1,90,000
NIL
Rs 1,90,001 to Rs 3,00,000
10 per cent
Rs 3,00,001 to Rs 5,00,000
20 per cent
Rs 5,00,000 and above
30 per cent
Senior Citizens
Up to Rs 2,40,000
NIL
Rs 2,40,001 to Rs 3,00,000
10 per cent
Rs 3,00,001 to Rs 5,00,000
20 per cent
Rs 5,00,000 and above
30 per cent

Source : Economic Times