UNION BUDGET HIGHLIGHTS 10-11 - MUST WATCH

prateek does it means that if tds is deducted in jan ,can be paid till due date of filing of return.so if it not paid before 7 th of next month  it will be allowed as expenses if it is paid before due date of filing the return

The tax rates that are changed, it says only broadly without making distinction between women , senior citizens.... what applies to them?

MAT Rate increased from 15% to 18%

Excise Duty increased from 8% to 10%

Corporate Tax surcharge reduced from 10% to 7.5%

Will this tax rates  change effect DTC to be implemented in april11 as the rates in DTC are quite differnt as mentioned in Bill....???

The tax rates that are changed, it says only broadly without making distinction between women , senior citizens.... what applies to them(senior citizen, women)?????

Will this tax rates  change effect DTC to be implemented in april11 as the rates in DTC are quite differnt as mentioned in Bill....???

Originally posted by : Faiz
	The tax rates that are changed, it says only broadly without making distinction between women , senior citizens.... what applies to them(senior citizen, women)????? Will this tax rates  change effect DTC to be implemented in april11 as the rates in DTC are quite differnt as mentioned in Bill....???

Minimum Tax Exemption limit for Senior Citizens and Women remains unchanged; i.e. Rs. 2,40,000 and Rs. 1,90,000 respectively.

Faiz...

What has gone wrong brother??

The minimum limit remains the same:

Women - 190000

Senior Citizens - 240000

Others - 160000

Thats it, they are the exmption limits any income above them to the Rs 5 lacs is taxed at 10 % and so on

Kindly answer my second question also????

Dhiraj,

Aisha has given right tax slab

Hi faiz, the rates wil definately change brother.... Its union budget presented on yearly basis... While DTC is kind of a all and new resolution....

So there exists sure chances of changes in tax slabs in DTC

Oh got it Dhiraj .... Kindly answer my second quesn also?

Minimum Alternate Tax up from 15% to 18% on book profits

Reduced Surcharge of 10% on domestic companies to 7.5%

Professionals with Rs 15 lakh income need accounts audit

Additional Rs 20,000 deduction made available for investment in Infrastructure Bonds. This is above Rs. 1,00,000 80C exemption

INDIRECT TAX:

Service Tax rates unchanged at 10%, to bring more services under service tax

Duties on smoking and non-smoking tobacco products up

Peak excise duty hiked from 8% to 10%

Peak customs duty remains unchanged at 10%

Rs 1 per litre excise on petrol, diesel

Full excise cut on electric cars

Partial rollback of excise duty on cement

Agricultural seeds exempt from Service Tax

News agencies exempt from Service Tax

Service tax to GDP ratio is 1%

Customs duty on gold, platinum imports raised to Rs 300 from Rs 200

Import duty on silver raised to Rs 1500 per kg

Minimum Alternate Tax up from 15% to 18% on book profits

Reduced Surcharge of 10% on domestic companies to 7.5%

Professionals with Rs 15 lakh income need accounts audit

k dhiraj ,,, do u not think that there will be two slabs next year when DTC comes..???