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    Budget Highlights

    Taxes

    ·  Surcharge of 10% on personal income tax removed

    ·  No change in Corporate taxes

    ·  Increase exemption on personal income tax by Rs 15,000 to Rs 2,40,000 for senior citizens

    ·  Increase exemption on personal income tax by Rs 10,000 to Rs 1,90,000 for women

    ·  Increase in exemption on personal income tax by Rs 10,000 to Rs 1,60,000 for all others

    ·  Surcharge of 10% on personal income tax removed

    ·  Propose to phase out surcharge on Direct Taxes

    ·  To remove Fringe Benefit Tax

    ·  To remove Fringe Benefit Tax

    ·  States agree on basic structure of Goods and Services Tax

    ·  To raise Minimum Alternate Tax(MAT) TO 15 % of book profit

    ·  MAT hiked from 10% to 15%

    ·  Commodity Transaction Tax scrapped

    ·  Carry Forward Tax credit on MAT to 10 year

    ·  To exempt Pension trust from Securities Transaction Tax

    ·  To create Alternate Tax disputes resolution mechanism for foreign companies

    ·  Software Technology Parks of India (STPI) extended by a year

    ·  GST to be a dual regime with Central and state terms

    ·  No Securities Transaction Tax (STT) on sale/purchase of shares by NPT

    Reforms, Tax reforms

    ·  To work on Saral 2 form to make income tax procedure simple

    ·  Tax reform system to be completed in 4 years

    ·  Balanced approach to financial de-regulation in justified

    ·  Review and aims of the budget

    ·  It a mandate we accept with humility and will do all we can for the welfare of the nation

    ·  Strong mandate for growth

    ·  Sensitive to the challenges of a young

    ·  The govt has to sustain a growth of 9% create 12 mn jobs per year

    ·  Reduce poverty levels by half by 2014 infrastructure investment to more than 9% by 2014

    ·  Focus to sustaining momentum in exports

    ·  Strengthen primary healthcare delivery

    ·  Plan to strengthen primary health care

    ·  Broaden inclusive growth agenda

    ·  Our target of agricultural growth at 4%

    ·  Signs of revival of domestic industry

    ·  Fiscal deficit has widened from 2.7 % to 6.2% of GDP

    ·  Institutional reforms to bring the fiscal deficit under control

    For More Details about Budget click here --> Budget Highlights