DIRECT TAXATION
Ø IT Return forms to be more user friendly
Ø Centralised tax processing centre at
Ø Share of direct taxes gone up by 56%
Ø New direct tax code in 45 days
Ø To introduce GST by
Ø No changes in Corporate Tax
Ø Personal income tax exemption limit hiked by Rs.15,000 for senior citizens
Ø Exemption limit hiked by Rs.10,000 for women and all other categories
Ø Removal of 10% surcharge on personal income tax
Ø Fringe Benefit Tax to be abolished
Ø Tax holiday for exporters increased till 2011
Ø MAT rate to be increased to 15% v/a 10% of book profit
Ø Carry Forward MAT Tax Credit extended to 10 yrs from earlier 7 years
Ø Abolition of Commodity Transaction tax (CTT)
Ø Sec 80DD to be hiked
Ø National pension Scheme exempt from STT
INDIRECT TAXES
Ø To maintain overall customs and excise duty
Ø CD on LCD panels cut from 10% to 5%
Ø 2.5% cut in CD for wind power equipments
Ø CD on small bulk drugs reduced by 5%
Ø CD on set top boxes hiked by 5%
Ø Customs Duty on gold reimposed; excise duty exemption on branded gold jewellery
Ø Excise duty on man made fibre and yarn to be maintained
Ø Excise duty on petrol and diesel blended with bio diesel scrapped
Ø Sec 801B benefit extended to Natural gas
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