Some salient points:
1. Life-saving drugs to be cheaper (primarily due to reduction on customs duty)
2. Defence budget raised by 34 per cent
3. Personal income tax exemption limit for
- a. senior citizens raised by Rs 15,000
- b. for women raised by Rs 10,000
- c. for all others, raised by Rs 10,000
5. Deduction for maintenance of medical treatment of dependence from Rs 75,000 to Rs 1 lakh
6. We might see a Saral –II form
| INCOME | TAX RATE |
| For General Tax Payers | |
| Up to Rs 160,000 | Nil |
| Rs 160,001 to Rs 300,000 | 10 per cent |
| Rs 300,001 to Rs 500,000 | 20 per cent |
| Rs 500,001 and above | 30 per cent |
| For Women Tax Payers | |
| Up to Rs 190,000 | Nil |
| Rs 190,001 to Rs 300,000 | 10 per cent |
| Rs 300,001 to Rs 500,000 | 20 per cent |
| Rs 500,001 and above | 30 per cent |
| For Senior Citizens | |
| Up to Rs 240,000 | Nil |
| Rs 240,001 to Rs 300,000 | 10 per cent |
| Rs 300,001 to Rs 500,000 | 20 per cent |
| Rs 500,001 and above | 30 per cent |
7. Corporate Tax remains unchanged
8. FBT or Fringe Benefit Tax abolished
9. 100 per cent tax deduction for donations for electoral funds to improve transparency in political funding (how can this help the economy is something I can’t figure out)
10. Commodities Transaction Tax abolished
11. LCD TVs to be cheaper (shit why the hell was this supposed to happen right after I bought one :( )
12. Ex-servicemen pension to be hiked
Thanks for the quick Budget Guide, next time onwards I would be checking out your ventures before doing it myself. As I always say, you are way ahead of the competition. LCD was just an example.
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