Policy
Focus on - Moderate taxes and easier collections
DTC - Government committed to DTC introduction from 1 April 2012 – Inputs from Parliamentary Standing Committee to be incorporated soon in the bill
Tax free bonds of Rs 30,000 crores for infrastructure sector
Focus on E-Governance through Online tax returns, online payment of taxes, tax refunds, TDS returns
Separate online gateways for tax return filing and status of return and refunds
Individuals
Salary tax returns not required when TDS is made in certain case
Increase in individual tax slabs to Rs 180,000 – benefit of Rs 2000 per tax payer
Reduce qualifying age to 60 years for senior citizens exemption and value increase to Rs 250,000
Rs 500,000 basic exemption for citizens of above 80 years of age
Corporates
Corporate surcharge reduced to 5% (reduction by 2.5%)
MAT increased to 18.5% (increase by 0.5%)
MAT introduced on SEZ developers
Foreign dividend – resident investor – FY 2010-11 – 15% special tax rate on dividend income of foreign subsidiaries
Transactions with "specified jurisdictions" to be restricted
Net effect of direct tax proposals - Estimated Tax Revenue loss – Rs 11,000 crores – for FY 2010-11
Posted By : S Rahul
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