Is it true ?

Kalpesh Chauhan, (Tax Assistant (Accounting Technician CA FINAL CS PROF. PROG. B.Com))   (8311 Points)

29 August 2010  

I have just saw on Tax Guru on CNBC awaaz that

  1. Assessment Year & Previous Year concepts will be abolished by New Tax Code & Financial Year Concept will only be there for the simplicity of the People.

  2. Tax Exemption for Individual will be Rs. 2,00,000.

Is the above information is right ?

Waiting for the reply from all.

Thanks in advance.