The Government today tabled the much-awaited Direct Taxes Code bill in the Lok Sabha which proposed to raise the exemption limit on income tax from the current 1.6 lakh rupees to two lakh rupees. The bill, introduced by Finance Minister Pranab Mukherjee, seeks to widen income tax slabs to levy 10 per cent rate on income between 2 lakh to 5 lakh rupees, 20 per cent on between 5-10 lakh rupees and 30 per cent above 10 lakh rupees.For senior citizens, tax exemption is sought to be raised to 2.5 lakh from 2.40 lakh rupees. The bill seeks to fix corporate tax at the current 30 per cent but without surcharge and cess. With surcharge and cess, the current tax liability on corporates comes to over 33 per cent. The legislation also proposes to increase MAT from 18 per cent to 20 per cent of book profit of a company. It seeks to levy dividend distribution tax at 15 per cent. When enacted, DTC will replace archaic Income Tax Act.