The Hindu Business Line : I-T exemption raised; sops for exporters

NEW DELHI: The government on Monday announced a slew of tax sops, including an additional Rs 10,000 personal income tax exemption and scrapping of 10 per cent surcharge, while announcing cheaper loans to farmers and incentives for export and infrastructu re to attain nine per cent growth.

In tune with the poll promises made by the Congress and reflecting the pressures of the global financial crisis, the Finance Minister, Mr Pranab Mukherjee, presented the Budget for 2009-10 that contained a series of measures that could be termed popular.

Beginning with incentives for individual tax payers that included an additional exemption of Rs 15,000 for senior citizens and Rs 10,000 for women and others, Mr Mukherjee also abolished Fringe Benefit Tax that could ease pressure on employers in giving benefits to the workers, but there was no change in corporate tax as also the rates for customs, excise and service tax. The stock market, however, tanked, with BSE benchmark plunging by over 700 points at noon. - PTI

Next: Rs 500 cr allocated for Lankan Tamil's rehabilitation

Business Line | NUS Index |

Copyright copy; 2009, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line