DTC Bill introduced.

sns & agencies NEW DELHI, 30 AUG: Diluting some of the promises, government today introduced in the Lok Sabha the long-awaited Direct Taxes Code Bill, seeking to increase exemption threshold for income-tax payers and reduce corporate taxes while removing the preferential treatment for women. The 319-clause Bill, tabled by finance minister Mr Pranab Mukherjee, seeks to replace the five-decade old Income Tax Act, 1961, and will come into effect from 1 April 2012, one year later than promised earlier, if passed by Parliament. Under the Code, the income tax exemption threshold will go up from Rs 1.6 lakh per annum to Rs 2 lakh, while the corporate tax rate will come down from 33.2 per …