1. Personal Income tax rates have gone down by 3% (10% surcharge removed), so tax will be lower by Rs.10,000 per month (GBP 140 per month)
2. Income tax exemption limit increased by Rs.25,000 for senior citizens and by Rs.10,000 for all others
3. Deduction under section 80-DD in respect of maintenance, including medical treatment, of a dependent who is a person with severe disability being raised from the present limit of Rs.75,000 to Rs.1 lakh.
4. No change in corporate tax rates
5. Wealth tax exemption limit increased from Rs.15 lacs to Rs.30 lacs from 1.4.2010
6. Uniform GST (Goods and service tax) will be introduced from 1.4.2010 – so one tax all over India (simplification?)
7. No change in excise or customs duties – so no change in price of products at the moment – some small cosmetic changes (corrections) have been carried out
8. FBT abolished (Fringe Benefit Tax) – but to see from when this has been removed. We have paid advance tax in June – how to get refund?
9. Service tax unchanged – Service tax levied introduced on movement of goods through rail, inland waterways, Legal advice & consultancy (from a firm & not individual practisioners), Cosmetic and Plastic surgeries
10. MAT – Minimum Alternate tax increased from 10% to 15% - there are companies which show profit in the books, but show loss to the taxman – due to various exemptions, these companies are taxed using this MAT. Companies are crying hoarse on this as their tax goes up.
No comments:
Post a Comment