Budget Highlights- PART B
- INCOME TAX RATE ON FIRST SLAB REDUCED TO 15%
- STANDARD DEDUCTION RAISED TO Rs.18,000 FOR SALARISED EMPLOYEES
HAVING AN INCOME UPTO Rs. 60,000
- NO CHANGE IN I.T. EXEMPTION LIMIT
- INCOME LEVEL FOR SPECIAL TAX REBATE FOR SENIOR CITIZENS RAISED
TO Rs. 1,20,000
- CONTRIBUTIONS UPTO Rs. 10,000 PER ANNUM TO THE NEW LIC PERSONAL
CUM FAMILY PENSION SCHEMES TO BE ELIGIBLE FOR DEDUCTION FROM
TAXABLE INCOME
- SPECIAL DEDUCTION OF Rs. 15,000 FOR TREATMENT OF PATIENTS OF PROCTRACTED
DISEASES
- ALLOPATHIC DRUGS TO COST LESS
- DUTIES LOWERED ON MASS CONSUMPTION ITEMS LIKE EDIBLE OIL , TOOTH PASTE,
DETERGENTS AND CERTAIN GLASS WARE
- CIGARETTES TO BE COSTLIER
- CUSTOMS DUTY ON COMPONENTS OF COLOUR TV, COMPUTER ,CELLULAR PHONES,
PAGERS REDUCED
- SPECIAL CUSTOMS DUTY OF 2% TO BE LEVIED FOR MOBILISING RESOURCES FOR
INFRASTRUCTURE
- MAJOR INITIATIVES FOR INVESTMENTS IN INFRASTRUCTURE PROJECTS
- FIVE YEAR TAX HOLIDAY EXTENDED TO INVESTMENTS IN IRRIGATION, WATER SUPPLY,
AND SANITATION
- NEW MINIMUM ALTERNATE TAX INTRODUCED FOR ZERO TAX AND LOW TAX PAYING
COMPANIES
- CORPORATE SURCHARGE HALVED FOR ALL COMPANIES
- CUSTOMS DUTY REDUCTION IN CHEMICALS, METALS, PLASTICS, ELECTRONICS,
TELECOMMUNICATIONS, TEXTILES AND GARMENT SECTORS
- CUSTOMS DUTY CONCESSIONS FOR PRESS PHOTOGRAPHERS AND ACCREDITED JOURNALISTS
FOR IMPORT OF PROFESSIONAL EQUIPMENT
- TEXTILES INTEGRATED INTO MODVAT; YARN DUTIES REDUCED; DUTY ON FABRIC AT
PROCESSED STAGE; POWERLOOM REMAIN EXEMPT
- SMALL SCALE SECTOR GETS ADDITIONAL RELIEF
- EXCISE PROCEDURES STREAMLINED; TAX EVADERS TO BE DEALT WITH STERNLY
- SERVICE TAX NET TO COVER ADVERTISING,RADIO PAGING AND COURIER SERVICES
