Direct Tax Code 2.0: Task force for big relief to individual taxpayers

The Direct Tax Code (DTC) task force, set up to overhaul the 58-year old Income Tax Act, has recommended a significant increase in the highest income tax slabs, besides slashing corporate tax rate to an even rate of 25 per cent for both domestic and foreign companies, sources in the know said.
 
Income tax payers earning up to Rs 55 lakh per annum may end up with a major tax relief if recommendations to change the tax bracket and rebates are accepted, according to the sources.
 
The eight member task force, led by Central Board of Direct Taxes