Par panel recommends to hiking income tax exemption limit to Rs 3 lakh

The Parliamentary standing committee on finance has recommended an increase in basic tax exemption limit to Rs 3 lakh and another Rs 3.20 lakh rebate for eligible investments and spending in its report on the direct taxes code, or DTC. The panel is not for any relief for corporate tax payers and has recommended retaining the corporate tax rate at 30% as against 25% proposed.