Â„ Exemption limit for the general category of individual taxpayers enhanced from
` 1,60,000 to ` 1,80,000 giving uniform tax relief of ` 2,000.
Â„ Exemption limit enhanced and qualifying age reduced for senior citizens.
Â„ Higher exemption limit for Very Senior Citizens, who are 80 years or above.
Â„ Current surcharge of 7.5 per cent on domestic companies proposed to be reduced
to 5 per cent.
Â„ Rate of Minimum Alternative Tax proposed to be increased from 18 per cent to
18.5 per cent of book profits.
Â„ Tax incentives extended to attract foreign funds for financing of infrastructure.
Â„ Additional deduction of ` 20,000 for investment in long-term infrastructure bonds
proposed to be extended for one more year.
Â„ Lower rate of 15 per cent tax on dividends received by an Indian company from
its foreign subsidiary.
Â„ Benefit of investment linked deduction extended to businesses engaged in the
production of fertilisers.
Â„ Investment linked deduction to businesses developing affordable housing.
Â„ Weighted deduction on payments made to National Laboratories, Universities
and Institutes of Technology to be enhanced to 200 per cent.
Â„ System of collection of information from foreign tax jurisdictions to be
Â„ A net revenue loss of ` 11,500 crore estimated as a result of proposals.
Â„ To stay on course for transition to GST.
Â„ Central Excise Duty to be maintained at standard rate of 10 per cent.
Â„ Reduction in number of exemptions in Central Excise rate structure.
Â„ Nominal Central Excise Duty of 1 per cent imposed on 130 items entering in the
Â„ Lower rate of Central Excise Duty enhanced from 4 per cent to 5 per cent.
Â„ Optional levy on branded garments or made up proposed to be converted into a
mandatory levy at unified rate of 10 per cent.
Â„ Peak rate of Custom Duty held at its current level