Direct Tax Highlights
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1 |
Income tax department is expected to function not only as an enforcement dept but also as a facilitator |
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2 |
Net effect of direct tax proposals is revenue loss of Rs 22,200 crore |
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3 |
60 more ‘Ayakar Sewa Kendras’ to be set up. |
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4 |
Housing loan rebate to raised from 1.5 lakh to 2 lakh: Jaitley |
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5 |
Investment limit under 80C raised from Rs 1 lakh to Rs 1.5 lakh |
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6 |
Tax exemption limit for small and marginal, and senior tax payers changed from Rs 2 lakh to Rs 2.5 lakh. |
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7 |
Personal income tax limit increased by Rs 50,000 for people below 60 years. |
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8 |
No changes in tax rates for individuals. |
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9 |
FM raises PPF ceiling to Rs 1.5 lakh |
Indirect Tax Highlights
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1 |
Indian Custom Single Window Project to be taken up for facilitating trade: FM |
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2 |
Clean energy cess increased from Rs 50/tonne to Rs 100/tonne. |
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3 |
Tax proposals on indirect tax front would yield Rs 7,525 crore. |
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4 |
Aim to broaden tax base, negative list for service tax has been reviewed |
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5 |
Excise duty raised on tobacco products and aerated water products with added sugar. |
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6 |
FM announces reduction in excise duty for specified food package industry from 10% to 6%. |
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7 |
Excise duty on footwear reduced from 12% to 6%. |
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8 |
Soaps and oil products to become cheaper. |
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9 |
Basic custom duty on LED panel below 19 inch made nil |
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10 |
Personal computers, electronic goods to be cheaper. Jaitely announces proposals to make CRT TVs cheaper |
