INCOME TAX
Individual tax exemption limit for individual raised to 2,50,000
Senior citizen basic exemption limit raised to Rs. 3,00,000
Sec 80C limit raised from 1 Lac to 1.50 lacs.
Deduction of Housing Loan interest raised from 1.5 lacs to 2 Lacs
No change in surcharge
Cess continues @3%
Advance rulings extended to residents as well!
Investment in mf 36months is long term capital gain. Tax @20%
CUSTOMS & EXCISE :
Lcd led tvs basic customs duty 10% to nil
Baggage rules Limit raised 35to45k
Solar sheet exempt from excise.
Cigarette excise from 11% to 72%
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