No changes in the rates of personal income tax or corporate income tax.
No new taxes are imposed.
Abolishment of one by six scheme for filing of income tax returns.
25% across-the-board increase in securities transaction tax
Exemption from taxes to cooperative lending banks and rural development banks under Section 80(B).
Fixed deposits in scheduled commercial banks with at least five year maturity will get tax exemption for savings under section 80C of Income Tax Act.
The Rs 10,000 exemption limit for investment in pension funds under Section 80CCC has been removed but these investments would be brought under Sec 80C subject to a ceiling of Rs 1,00,000.
Donations to only relgious institutions will be exempted from tax.
Minimum alternative tax on corporates increased from 7.5 per cent to 10 per cent.
Constituency allowances of MLAs to be treated as constituency allowances of MPs for income tax purposes.
Fringe Benefit Tax modified. Threshhold limits raised, but FBT will remain as it is justified for ensuring horizontal equity.
To check tax evasion more items would come under annual information return reporting.
