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Highlight of Budget Speech on Taxes :

Highlight of Budget Speech on Taxes :

1.       Do not propose to make any changes in tax rate

2.       PPF ceiling extends to Rs 1.5 lakh

3.      Tax exemption limit for small and marginal, and senior tax payers changed from Rs. 2.0 to Rs 2.5 lakhs

4.      Tax exemption limit for senior citizens changed from Rs. 2.5 lakh to Rs. 3.0 lakhs

5.      No change in tax rates. Income tax expemption hiked by Rs 50000 to 2.5 lakhs

6.      Income tax exemption limit hiked from Rs 2 lakh to Rs 2.5 lakh
         New tax slabs:
         Upto 2.5 lakh – NIL;
         above 2.5-5 lakh – 10%;
         Rs 5-10 lakh – 20%;
         Above Rs 10 lakh – 30% ;
       
SrCitizen: Above 60(Upto 3lakh)
Above 80(Upto Rs 5 lakh)-N

7.      Raises 80C investment cap to Rs 1.5 lakh. Hikes housing interest rate deduction limit to Rs 2 Lakhs

8.      FIIs’ portfolio income to be treated as Capital Gains

9.      FM retains tax rebate on dividend by foreign companies

10.   To strengthen tax administration governing transfer pricing in MNCs

11. Basic custom duty on LED panel below 19 inch made nil

12. Hikes customs duty on flat steel products to 7.5% from 5%

13. To cut excise duty to 6% from 12% on footwear

14. Raises customs duties on some diamond grades to 2.5%

15. Export duty on bauxite enhanced from 10% to 20%

16. Announces reduction in excise duty for specified food package industry from 10% to 6%.

17. Announces increased excise duty by 5% (additional) on tobacco products and aerated water products with added sugar

18. Excise duty on cigrattes hiked from 11% to 72%.

19. Colour picture tubes exempt from custom duty

20. Custom duty 10% on telecom products

21. excise duty reduction on food processing machineries

22. Raises excise duty on pan masala to 16% from 12%

23. Ups excise duty on gutka to 70% from 60%

24. Print media to continue to be exempted from Service tax… 

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