Tax to GDP ratio increased from 9.2 per cent
in 2004-05 to 12.5 per cent 2007-08.
TAX EXEMPTION FOR WOMEN: RS 180000
PERSONAL TAXATION: SLABS CHANGED
PERSONAL TAXATION: EXEMPTION LIMIT INCREASED TO 1,50,000 FROM RS
1,10,000
PERSONAL TAXATION: EXEMPTION LIMIT INCREASED TO RS 1,50,000 FROM
RS 1,10,000.. everyone gets a relief of Rs 4000!
TAX EXEMPTION FOR SENIOR CITIZENS: RS 225000
NO CHANGE IN CORPORATE INCOME TAX, NO CHANGE IN SURCHARGE
Threshold for small service providers raised from Rs. eight lakh
to Rs 10 lakh.
Fresh facilities, encouragement to sports and guest houses
exempted from Fringe Benefit Tax.
Short-term capital gains increases to 15 per cent.
Securities Transaction Tax (STT) rates unchanged
Banking cash transaction tax withdrawn |