Budget changes(Direct Taxes)
1) New direct tax code within next 45 days
2)No chages in corporate tax
3)Increase in income tax exemption limit
Senior citizen:Increased from 225000 to 240000
women assessee: increased from 1,80,000 to 1,90,000
other assessees:-increased from 150000 to 160000
4)Section 80DD:-Limit increased from 75,000 to 1,00,000
5)Surcharge removed from personal income tax
6)Section 10A,10B tax holiday extended till Financial year 2010-2011
7)Fringe Benefit Tax has been abolished
8)MAT Rate increased from 10% to 15%.Carry forward limit increased from 7 To 10 years.
9)Commodity transaction tax has been abolished.
10)Anonymous Donations to charitable trusts :-Relief granted by not taxing such donations to the extent of 5% of total income or 1,00,000 whichever is higher
CAclubindia
