NEWS
■Standard excise rate up from 8 to 10%
■Large cars, SUVs excise up to 22% from 20%
■Sops for real estate, housing projects extended by a year
■Partial roll back the rate reduction in central excise
■Direct tax scheme to result in revenue loss of Rs 26,000 cr
■Compliance burden reduced on professionals and entrepreneurs
■Corporate tax surcharge down from 10 to 7.5%
■New income tax slabs will bring relief to the middle class
■Rs 20,000 additional tax break for infra bonds
■Minimum Alternate Tax hiked to 18%
■R&D allocation increased 200%
■To unveil new Saral 2 form for salaried individuals in two pages
■Deduction of additional 10% for investment on infrastructure bonds
■Tax slabs: Broadening 1.6 lakh - Nil above 1.6 lakh-up to 5 lakh 10%
■5-8 lakh- 20% above 8 lakh- 30%
■Tax paying interface to be de-cluttered
■States to be offered assistance to computerise commercial taxes
■Greater transparency in tax administration targeted
■Centralized Tax Centre at Bengaluru fully functional
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Still More thoughts are in process and this post will be updated too. I am looking for valuable suggestions from board and will appreciate if they come out with views and suggestions.