- More services to be brought under service tax net
- Service tax to result in net revenue gain of Rs 3000cr
- Customs duty on gold to be reduced; silver at Rs 1500/kg
- Uniform concessional duty of 5% on all medical appliances
- Rationalising of customs on gaming software
- Custom duty of one of the key component of microwave oven reduced
- Peak customs duty unchanged at 10%
- Custom duty for importing of duplication of prints of films revised
- No capital gains tax on conversion of a business entity into Limited Liability Partnership
- Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations
- Nominal duty of 4% electric cars
- Partial rollback of excise duty on cement, cement products, large cars
- To levy excise duty of Re 1/litre on petrol
- R&D Corp Tax break up to 200%
- Uniform Direct Tax receipts to fall by Rs 56,000 cr
- Pilot project for tax grievances extended to 4 cities
- Direct tax scheme to result in revenue loss of Rs 26,000cr
- Corporate tax surcharge down from 10 to 7.5%
- Rs 20,000 additional tax break for infra bonds
- Corp Min Alternate Tax up from 15 to 18%
- New tax rates would offer relief to 60 per cent of tax-payers
- Direct tax slabs: income upto 1.6 lakh = nil, 1.6-5 lakh = 10%, 5-8 lakh = 20%,
- above 8 lakh = 30%
- Centralized Tax Centre at Bengaluru fully functional
- Gross tax receipts Rs 7.46 lakh crore
- Deferment of goods & service tax negative for corporates in FY10-11
- Direct tax to be implemented from April 1, 2011
- Simple tax system with minimum exemptions near completion
CAclubindia
