ICAI Invites Suggestions on the Finance Bill, 2011
Dated: (28-02-2011)
ICAI Invites Suggestions
Suresh Prasad (www.aubsp.com) (15630 Points)
28 February 2011
1 Replies
AKASH GUPTA
(JOB)
(83 Points)
Replied 28 February 2011
Major Tax Highlights of Budget 2011-12
§ Senior citizen benefit to begin from 60 years
§ Exemption limit on tax raised from 1.6 lakh to 1.8 lakh
§ Surcharge brought down from 7.5 per cent to 5 per cent for companies.
§ Foreign unit dividend tax rate cut to 15 percent for Indian companies
§ Service tax remains at 10 per cent.
§ SEZ to come under MAT
§ MAT increased to18.5%
§ Central excise duty rate remains unchanged at 10 per cent.
§ No new tax exemption limits for women
§ AC hospitals with more than 25 beds under service tax
§ Servcie tax on hotel accommodation above Rs 1500 per day
§ GST to be implemented in this session
§ DTC to be implemented fromFY12
§ Excise tax on diapers and sanitary napkins reduced from 10 to 1 per cent
§ 10% excise duty on branded garments.
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