• Small businesses exempt from advance tax

• Custom duty on LCD panels halved

• Set-top boxes to cost more, 5%custom duty levied

   

240000

Budget 2009-10 Highlights:

Maintaining overall excise, customs and service tax Custom duty on set-top boxes is now 5% Tax holiday extended for commercial production of natural gas Political funding will get 100% tax deduction CTT abolished National Pension Scheme exempted from STT MAT reduced to 15% of book profits, MAT tax credit increased from 7 years to 10 years 4% excise duty on cotton restored 8% excise duty on man-made fibers brought back Maintaining overall excise, customs and service tax reduced

No Excise duty on branded jewellery...

Legal consultants will need to pay service tax unless he is an individual

Customs duty on bio-diesel reduced

Tax holiday extended for textile units

• Drugs for heart diseases to become cheaper

• Customs duty on gold and silver import increased

• Mobile phone accessories to become cheaper

  No new tax on edible oils import

  National Pension scheme removed from STT

   

very xcellent job nikita mam.

  FBT CDT scrapped, Surcharge scrapped and MAT increased to 15% , tax exemption for woman increased by 10000 for senior citizen by 15000 and for others 10000

No change on service tax on consultancy by CA's ans CS's

 The carry forward of Tax credit to be increased to 10 years then previous 7 years.

GST from 2010

FBT Abolished

Surcharge on DT abolished with immediate effect.HAve Phun

Section 80DD deduction upto Rs. 100000

MAT raised to 15 %

Slabs:

Corporate tax-No change

Individual/AOP/BOI/HUF: Rs.1,60,00

Female individuals-Rs.1,90,000

Senior citizens-Rs. 2,40,000

Widening of  the courses for which deduction of interest on Education loans is alloed to inclde every Vocational course after 12th from any registered College/University.

Nothing special about this budget, nothing abt DIsinvestment or oil poliy or exact steps to cope with Fiscal deficit

So, Till Next Budget,

NJOY

RADHE RADHE.

Thnx Niketa for sharing the updates.....

Regards,

Kapil Kotwal

• Hike in IT exemption for women to Rs 1,90,000

• Hike in IT exemption to Rs 2,40,000 for senior citizens

  10k increased for individuals

so nikita, do u mean to say that individuals will be hanging out till 150000 only??????

EX limit for individuals hiked by Rs 10000.