Indirect Taxes:
1. Accredited news agencies exempt from service tax
2. Service sector tax retained at 10 percent to aid the introduction of GST; more services to be taxed
3. Toys fully exempt from central excise duty
4. Concessional customs duty of 5 percent for cable TV operators for importing equipment
5. Concessional duty of 4 percent for solar power rickshaw developed by Council of Scientific and Industrial Research
6. Clean energy cess of Rs.50 per tonne on coal produced in India
7. More services come under tax net
8. Service tax rates to be retained
9. Silver, gold import duty raised
10. Concession for medical equipments for hospitals retained
11. Excise duty cut on CFL
12. Customs duty on crude oil back to 5%
13. Excise duty on tobacco products hiked
14. Partial rollback of excise duty on cement and cement products
15. Excise duty on petrol, Diesel up by Re 1
16. Excise duty on SUVs, MUVs hiked
17. Excise duty on oil products hiked
18. Sops for real estate housing projects to be extended
19. To enhance tax audit limit for small businesses to Rs 60 lakh
20. To partially rollback central excise duty
Direct Taxes:
1. Tax Audit Limits has been increased from 40 lakh to 60 lakh & for professionals 10 Lakh to 15 lakh
2. Surcharge on domestic companies cut to 7.5%
3. MAT increased from 15 % to 18 %
4. Pranab announces new tax structure
5. No tax on income up to Rs 1.6 lakh
6. Rs 1.6 lakh - Rs 5 lakh slab taxed at 10%
7. Rs 5 lakh to Rs 8 lakh slab taxed at 20%
8. Tax on income above Rs 8 lakh at 30%
9. Saral - II for individual taxpayers in two pages
10. Advanced tax receipts expected at Rs 7.46 lakh cr
11. Interest on late payment of Tax has been increased.
12. Total expenditure is within target
Regards,
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