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1.Income Tax 1.1 Personal Taxes: Increase in exemption limit from Rs.1.10 Lakhs to 1.50 Lakhs for the year 2008-09. Substantial benefit to Individuals. Minimum savings is Rs 4,000 for a year . No Change in the Tax rates. No withdrawal of Cess Change in Slab Proposed Slab (2008-09) Existing Slab (2007-08) Details Rates Details Rates Up to Rs 1,50,000/- Nil Up to Rs 1,10,000/- Nil Rs 1,50,001/- to Rs.3,00,000/- 10% Rs 1,10,001/- to Rs.1,50,000/- 10% Rs.3,00,001/- to Rs.5,00,000/- 20% Rs.1,50,001/- to Rs.2,50,000/- 20% Above Rs.5,00,000/- 30% Above Rs.2,50,000/- 30% Increase in deduction under Sec 80D for Medical insurance premium paid from Rs.10,000/- to Rs.15,000/-. 1.2 Corporate Taxes No Change in Corporate Tax rates 1.3 Dividend Distribution Tax Ultimate holding company need not pay tax on dividend receipt from Subsidiaries 1.4 Others Increase in Short Term Capital gains from 10% to 15% Securities transaction tax henceforth allowed as deductible expenses in business income. Banking Cash Transaction Tax withdrawn from 01.04.2009. 2. Indirect Taxes 2.1 Central Excise Reduction in Excise Duty from 16% to 14%, on bus & chasis 16% to 12%, on 2/3 wheelers 16% to 12% (from midnight today). No withdrawal of Cess. 2.2 Central Sales Tax CST phased out : Reduction from 3% to 2% effective 01.04.2008 2.3 Service Tax No change in Service Tax rates. Exemption limit increased from Rs.8 Lakhs to Rs. 10 Lakhs. Four new services introduced. 2.4 Customs Duty No change in Customs duty, except for a few. Customs duty on Steel and aluminium scrap reduced from 5% to Nil. 3.0thers Waiver of Loans to farmers.
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