Dear All,
Finance Minister Mr.Chidambaram presented his seventh full budget - two when the United Front government was in power and the remaining five under the United Progressive Alliance government.
Here are the major highlights:
Income Tax -
- Personal income tax exemption hiked to Rs 1.5 lakh
- Senior citizens threshold tax limit increased from Rs 1,95,000 to Rs 2,25,000
- Tax exemption for women increased to Rs 1.8 lakh
- New tax slabs:
10 per cent for 1,50,000 to 3,00,000,
20 per cent for 3,00,000 to 5,00,000
30 per cent above 5,00,000
- Short-term capital gains increases to 15 per cent.
- Commodities Transaction Tax to be introduced on the lines of Securities Tran. Tax.
- Banking cash transaction tax withdrawn from April one, 2009.
- No change in corporate income tax.
- Asset management service under mutual funds, services by stock exchanges to be
Under Service Tax net.
- Threshold for small service providers raised from Rs eight lakh to Rs 10 lakh
- Excise on packaged softwares to be lower from 8% to 12%
- No excise duty on refrigerating equipments
- Anti-Aids drug exempted from excise duty
- Small cars to become cheaper
- Reduced excise duty on two, three wheelers
- Excise duty on hybrid cars cut from 24 pct to 14 pct
- Excise on small cars cut to 12 pct from 16 pct
- Rs 50 cr for tiger conservation
- Sixth Pay Commission report by March 2008
- Defence allocation up by 10% from Rs 96,000 cr to Rs 1,56,000 cr
- 22 Sainik schools get Rs 44 crore
- Rs 624 cr for Commonwealth Games
- PAN sole identification in securities market
- Debt waiver scheme and relief to small and marginal farmers
- Duty reduced on life saving drugs
- Rs 750 crore for up gradation of 300 ITIs in 25 districts.
- No change in peak customs duty
- Central sales tax cut from 3% to 2%
- Govt withdraws banking transaction tax
- Revenue implication of Indirect taxation to be 5900 cr
- Direct taxation changes to be revenue neutral
- Levy on STT only on option premiums
- Commodities transaction tax introduced like STT
- Short term capital gains to be taxed at 15%
- No change in surcharge of corporate tax
- Custom duty on steel scrapped
Rgds,
--
Deepak Kumar Singh
The Institute of Computer Acountants(ICA)
1-8-702/3, Creative Plaza
Shankarmutt, Nallakunta
Hyderabad - 500 044
Phone - 040-65-88-6660
M.No. 0 93 90 848586
From India, Mumbai
35Finance Minister Mr.Chidambaram presented his seventh full budget - two when the United Front government was in power and the remaining five under the United Progressive Alliance government.
Here are the major highlights:
Income Tax -
- Personal income tax exemption hiked to Rs 1.5 lakh
- Senior citizens threshold tax limit increased from Rs 1,95,000 to Rs 2,25,000
- Tax exemption for women increased to Rs 1.8 lakh
- New tax slabs:
10 per cent for 1,50,000 to 3,00,000,
20 per cent for 3,00,000 to 5,00,000
30 per cent above 5,00,000
- Short-term capital gains increases to 15 per cent.
- Commodities Transaction Tax to be introduced on the lines of Securities Tran. Tax.
- Banking cash transaction tax withdrawn from April one, 2009.
- No change in corporate income tax.
- Asset management service under mutual funds, services by stock exchanges to be
Under Service Tax net.
- Threshold for small service providers raised from Rs eight lakh to Rs 10 lakh
- Excise on packaged softwares to be lower from 8% to 12%
- No excise duty on refrigerating equipments
- Anti-Aids drug exempted from excise duty
- Small cars to become cheaper
- Reduced excise duty on two, three wheelers
- Excise duty on hybrid cars cut from 24 pct to 14 pct
- Excise on small cars cut to 12 pct from 16 pct
- Rs 50 cr for tiger conservation
- Sixth Pay Commission report by March 2008
- Defence allocation up by 10% from Rs 96,000 cr to Rs 1,56,000 cr
- 22 Sainik schools get Rs 44 crore
- Rs 624 cr for Commonwealth Games
- PAN sole identification in securities market
- Debt waiver scheme and relief to small and marginal farmers
- Duty reduced on life saving drugs
- Rs 750 crore for up gradation of 300 ITIs in 25 districts.
- No change in peak customs duty
- Central sales tax cut from 3% to 2%
- Govt withdraws banking transaction tax
- Revenue implication of Indirect taxation to be 5900 cr
- Direct taxation changes to be revenue neutral
- Levy on STT only on option premiums
- Commodities transaction tax introduced like STT
- Short term capital gains to be taxed at 15%
- No change in surcharge of corporate tax
- Custom duty on steel scrapped
Rgds,
--
Deepak Kumar Singh
The Institute of Computer Acountants(ICA)
1-8-702/3, Creative Plaza
Shankarmutt, Nallakunta
Hyderabad - 500 044
Phone - 040-65-88-6660
M.No. 0 93 90 848586
From India, Mumbai
Its really good, but is there any announcement related to EOU (EXPORT ORIENTED UNIT) OR SEZ (SPECIAL ECONOMIC ZONE)
From India, Ahmadabad
From India, Ahmadabad
No, there is no speceific relief is there except eduction in Custom & Excise Duty. Rgds, Deepak Singh
From India, Mumbai
From India, Mumbai
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