Share Budget Updates

- Expect 10 lakh nos to be generated per day from 1st Oct 2011 under UID

- Expect to cross 9.32 lakh crore as direct tax collection for FY 12

-  Sulabh Form to be introduced for small taxpayers

- Gross tax reciepts expected to be higher by 24.9% YoY

Basic Exemption limit increased to 1.8 lac from 1.6 lac #budget

- Gross tax reciepts expected to be higher by 24.9% YoY

- Fiscal deficit to come down to 5.1% from 5.5%

- Basic Exemption limit increased to 1.8 lac from 1.6 lac

- Total Non Tax revenue income Rs 125,435cr for FY11

- Total tax revenues Rs 664,457cr for FY11

senior citizens (above 60 years now):  exemption Rs 250K, for people above 80 years, Rs 5 lakh.

Surcharge on companies 5% (from 7.5%). MAT at 18.5% of book profits.

senior citizens (above 60 years now):  exemption Rs 250K, for people above 80 years, Rs 5 lakh.

- :Propose to reduce surcharge on corporate tax to 5%: FM

- MAT rate raised from 18% to 18.5%:

- New category for 80 yrs and above, limit is Rs 5 lakh

NO CHANGE IN SERVICE TAX

- Propose to levy MAT on developers of SEZs

- Exemption limit for general tax payers raised to Rs 1,80,000\

- Qualifying age for senior citizens reduced to 60 vs 65

 No excise duty on food, basic products

15% tax on dividend for indian cos from foreign unit

Will maintain excise duty at 10% #budget

- No change in service tax at 10%

- 15% tax on dividend for indian cos from foreign unit

-    Will maintain excise duty at 10%

- 1% excise duty on 130 new items

- Reduce customs duty on micro irrigation equipment:

- Foreign dividend tax rate cut to 15% for Indian cos

- No change in CENVAT rate

- 10% excise duty on branded garments

- Base rate on excise duty raised to 5%