The original proposal in the new direct tax code which caused a lot of worries among the among people is set to undergo some welcome changes.The centre has announced new proposals Which exempt money in general Provident Fund,Public Provident Fund and Company Provident Fund, schemes run by the pension regulatory development authority and pure life insurance products.
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I think this exemptions are presently available by way of chapter VI deductions under Income Tax Act. So is not much change I see compared to present tax structure.
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Jayen- Most of the provisions contemplated in new tax code like exemptions and deductions would already be there. The new tax code only is an attempt to rewrite the tax law as the Income Tax 1961 is very old.
G. K. Ajmani Tax consultant http://gkajmani-mystraythoughts.blogspot.com/
