Monday, 28 February 2011

Union Budget highlights for middle class man

1     Personal income tax exemption limit raised to Rs 180,000 from Rs 160,000 for individual tax payers
2    For senior citizens, the qualifying age reduced to 60 years and exemption limit raised to Rs 2.50 lakh.
3    Citizens over 80 years to have exemption limit of Rs 5 lakh.
4    No change in Tax exemption limit for Women
5     To reduce surcharge on domestic companies to 5 percent from 7.5 percent.
6     A new revised income tax return form 'Sugam' to be introduced for small tax papers.
7     To raise minimum alternate tax to 18.5 percent from 18 percent
8     Service tax rate kept at 10 percent
9    Service tax widened to cover hotel accommodation above Rs 1,000 per day,   A/C restaurants serving liquor,      some category of hospitals, diagnostic tests.
10    Central Excise Duty to be maintained at standard rate of 10%.

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