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Taxes
* Standard
rate of
excise duty
held at 10
percent; no
change in
CENVAT rates
* Personal
income tax
exemption
limit raised
to Rs
180,000 from
Rs 160,000
for
individual
tax payers
*For senior
citizens,
the
qualifying
age reduced
to 60 years
and
exemption
limit raised
to Rs 2.50
lakh.
*Citizens
over 80
years to
have
exemption
limit of Rs
5 lakh.
* To reduce
surcharge on
domestic
companies to
5 percent
from 7.5
percent.
* A new
revised
income tax
return form
'Sugam' to
be
introduced
for small
tax papers.
* To raise
minimum
alternate
tax to 18.5
percent from
18 percent (
Read story )
* Direct tax
proposals to
cause 115
billion
rupees in
revenue loss
* Service
tax rate
kept at 10
percent
* Customs
and excise
proposals to
result in
net revenue
gain of 73
billion
rupees
* Iron ore
export duty
raised to 20
percent
*Nominal one
per cent
central
excise duty
on 130 items
entering the
tax net.
Basic food
and fuel and
precious
stones, gold
and silver
jewellery
will be
exempted.
*Peak rate
of customs
duty
maintained
at 10 per
cent in view
of the
global
economic
situation.
*Basic
customs duty
on
agricultural
machinery
reduced to
4.5 per cent
from 5 per
cent.
*Service tax
widened to
cover hotel
accommodation
above Rs
1,000 per
day, A/C
restaurants
serving
liquor, some
category of
hospitals,
diagnostic
tests.
*Service tax
on air
travel
increased by
Rs 50 for
domestic
travel and
Rs 250 for
international
travel in
economy
class. On
higher
classes, it
will be ten
per cent
flat.
* Electronic
filing of
TDS returns
at source
stabilised;
simplified
forms to be
introduced
for small
taxpayers.
* Works of
art exempt
from customs
when
imported for
exhibition
in state-run
institutions;
this now
extended to
private
institutions.
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