ICAI Invites Suggestions

Major Tax Highlights of Budget 2011-12

§  Senior citizen benefit to begin from 60 years

§  Exemption limit on tax raised from 1.6 lakh to 1.8 lakh 

§  Surcharge brought down from 7.5 per cent to 5 per cent for companies.

§  Foreign unit dividend tax rate cut to 15 percent for Indian companies

§  Service tax remains at 10 per cent.

§  SEZ to come under MAT

§  MAT increased to18.5%

§  Central excise duty rate remains unchanged at 10 per cent.

§  No new tax exemption limits for women

§  AC hospitals with more than 25 beds under service tax

§  Servcie tax on hotel accommodation above Rs 1500 per day

§  GST to be implemented in this session

§  DTC to be implemented fromFY12

§  Excise tax on diapers and sanitary napkins reduced from 10 to 1 per cent

§  10% excise duty on branded garments.