The Union Finance Minister, Mr P. Chidambaram, arrives in Parliament to present the Budget on Friday.
|
I-T exemption limits raised; agri loans waived
NEW DELHI:The Finance Minister, Mr P. Chidambaram presented what is likely to be the last full Budget of the UPA Government in Parliament on Thursday. Bank stocks tumbled as the Finance Minister announced waiver of agricultural loans to the tune of Rs 60,000 crore.
He raised the income tax exemption threshold to Rs 1,50,000 and slashed customs and excise duties on variety of goods.
...
Full text
Highlights
Personal exemption limit for tax raised to Rs 1.50 lakh from Rs 1.10 lakh. Every assessee to benefit by Rs 4,000 per annum.
For senior citizens, tax exemption raised to Rs 2.25 lakh from Rs 1.95 lakh, for women exemption limit raised to Rs 1.80 lakh.
10% income tax for income in the range of Rs 1.50-3 lakh.
20% for those between Rs 3-5 lakh; and 30% for those earnings above Rs 5 lakh.
No change in surcharge of corporate tax and personal tax.
Short-term capital gains hiked to 15%
Levy of STT only on option premiums; STT rate unchanged.
Dividend distribution tax unchanged at 15%
To withdraw Banking Transaction Tax from April 1, 2009.
FM confident of average growth rate of 8.80%; to be led by services and mfg sectors
More
|
RSS Feeds