Income Tax India

Central sales tax cut to 2% from 3%
Banking cash transaction tax withdrawn
Changes in I-T slabs
30% income tax for income above Rs 5 lakh
20% income tax for income in the range of Rs 3-5 lakh
10% income tax for income in the range of Rs 1.5-3 lakh
I-T exemption limit for senior citizens goes up to Rs2,25,000
I-T exemption slab for women at Rs 1,80,000
I-T exemption limit goes up to Rs 1,50,000
Scope of fringe benefits reduced
No change in corporate tax structure
Five-year tax holidays to set up hospitals in India, except some urban pockets
Short-term capital gains tax hiked to 15%
Levy of STT only on options premiums
To introduce commodities transaction tax (like STT)
Dividend distribution tax unchanged at 15%
Cars to get cheaper
Excise duty on small cars cut to 12% vs 16%
Cigarette prices to go up
Excise duty on buses & chassis cut from 16% to 12%
Anti-AIDS drug totally exempt from excise
CENVAT reduced from 16% to 14% on all goods
Excise on coconut water, puffed rice down to zero from 16 pc
Customs duty on phosphoric acid cut to 5% vs 7.5%
Customs duty halved to 5 pc on specified life-saver drugs
No change in peak Customs duty
Duty on project imports cut to 5% vs 7.5%
Steel scrap duty reduced to zero
Plan expenditure estimate at Rs 2,43,386 crore
Fiscal target under FRBM Act will be met
Revenue deficit for 2007-08 at 1.4% vs estimate of 1.5%
6th Pay Commission report by March 31, 2008
Central Plan Scheme Monitoring system to be set up
Rs 50 cr for raising Tiger Protection Force
Rs 100 cr each for Mahatma Phule institute, Mysore and Delhi varsities
Defence allocation at Rs 1,05,000 cr
Defence allocation goes up by 10 pc
Social security for unorganised sector
Two separate funds for SIDBI
To ask States to help develop National Securities market
Difference in state duties, levies hampering securities market
Rs 50,000 cr fund to be created by NABARD
Rs 12966 cr for National Highway plan
Rs 450 cr provision for textile parks
Rs 44 cr for upgradation of 22 Sainik schools
Rs 50,000 cr fund to be created by NABARD
Rs 12966 cr for National Highway plan
Rs 450 cr provision for textile parks
To expand market to corporate bonds
PAN requirement extended to all financial markets
NELP-VII to attract investment worth $3.5-8 b
Dollar sterilisation cost via MSS at Rs 8,351 cr for 2007-08
Steps to open bidding for 5 more UMPPs
All 30 integrated textile parks approved
Coal regulator to be set up
Fertiliser subsidy to continue
Power generation in 11th plan period at 77,500 MW
Rs 800 cr for accelerating power reform in FY09
National fund for power transmission & distribution
Risk capital fund in SIDBI
To take manufacturing growth rate to double digits
Capital goods' growth still healthy at 20.2%
Debt waiver scheme to be completed by June 2008
Rescheduled farm loans will also be eligible for waiver
Total loan waiver at Rs 60,000 crore
Other farmers to get one time settlement
on payment of 75 pc debt
Waiver for farmers holding up to 2 hectares
Protests by Opposition after FM announces loan waiver
Loan waiver and debt relief for farmers
All loans up to March 2007 to come under the scheme
Small and marginal farmers to get complete loan waiver
Rural credit target to go up to Rs 80,000 cr
Rs 20,000 crore to be spent on irrigation
Rs 540 cr for minority concentration districts
Rs 75 crore for 250 mobile soil testing labs
30 lakh SHGs to get special attention
Rs 33,434 cr for child specific schemes
Rs 105 cr for 3 National Financial Corporations for
weaker sections
LIC to cover all women SHGs linked to banks
Rs 3,966 cr for SC, ST, OBC schemes
Rs 300 cr allocated to Chennai desalination plant
Allocation to Ministry for minorities doubled to Rs 1,000 cr
Rajiv Gandhi drinking water mission to get Rs 7300 cr (from Rs 6500 cr)
Rs 16,000 crore for rural jobs
Rs 400 crore for National Programme for the elderly
Rs 500 crore for Arunachal Pradesh and other border areas of the NE
Total allocation to NE increased to Rs 16447 crore
Schemes for minorities
More minority candidates for central para military forces
Allocation to ICDS hiked to Rs 6,300 cr
Allocation to JNURM hiked to Rs 6,866 cr from Rs 5,482 cr
Allocation to ICDS hiked to Rs 6,300 cr
Impact of US slowdown on emerging markets not clear
Rs 100 cr for IT ministry to link knowledge institutes
Health cover of Rs 30,000 for ever worker in BPL category
To set up IISCs in Bhopal and Thiruvananthapuram
Impact of US slowdown on emerging markets not clear
Rs 100 cr for IT ministry to link knowledge institutes
Health cover of Rs 30,000 for ever worker in BPL category
Allocation for AIDS programme Rs 999 cr
NREGS extended to all 596 rural districts; allocated Rs 16,000 cr
To spend Rs 1,042 cr to eradicate polio
Health allocation hiked to Rs 16,534 cr
Anganwadi workers’ pay hiked
1 new IIM to be set up at Shillong
Navodaya vidyalayas to get Rs 130 crore
6,000 high-quality schools to be built by FY09
Mid-day meal scheme to cover 13.9 crore students
Gross budgetary support at Rs 2.28 trillion
Sarva Siksha Abhiyan to get Rs 13,100 cr
16 more central varsities
IITs for AP, Bihar and Rajasthan
Global markets weak since Aug, impact on local market unclear
Need to be vigilant on global risks
8% GDP in 12 successive years
Global markets weak since Aug, impact on local market unclear
Need to be vigilant on global risks
Agriculture estimated to grow at 2.6% in FY08
Education sector to get Rs 34,400 crore, up 20 pc
Bharat Nirman to get Rs 31,282 crore
Farm credit to touch Rs 2.4 lakh crore by year end
Balancing supply-side most important
Services, manufacturing to drive growth
2007-08 most challenging year
Checking inflation top priority
RBI takes measures to monitor capital inflow
New initiatives for Agri sector
Agri growth for whole year estimated at 2.6 pc
Confident of 8.8 pc growth rate
Chidambaram begins Budget speech