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·         2 more Return Processing Centres as Bangalore

·         Roll out GST by April, 2011

·         Saral 2 and 4 to be introduced for individuals

·         New tax slab

Income Slab	Rate of Tax
Total Income < 1,60,000	Nil
Total Income > 1,60,000 and < 5,00,000	10%
Total Income > 5,00,000 and < 8,00,000	Rs. 34,000 + 20%
Total Income > 8,00,000	Rs. 94,000 + 30%

 

 

·         Allow a deduction of Rs. 20,000 for infrastructure bonds – over and above existing limit of 100,000/-

·         MAT – 15% to 18%

·         For in house Research & Development – weighted deduction proposed to be increased from 150% to 200%

·         Payments to outside Research & Development  institutions – weighted deduction increased from 125 % to 175 %

·         Approved scientific association to include institutions conducting research on social sciences and statistics.

·         Tax Audit limit enhanced from 40 lakhs to 60 lakhs for business and 10 lakhs to 15 lakhs for profession.

·         Presumptive taxation – limit extended from 40 lakhs to 60 lakhs

·         TDS – rationalize minimum limit

·         Interest on TDS increased from 12 % to 18%.

·         TDS – can be deducted any time any time before filing of return

·         LLP taxation  - conversion from company to LLP – no capital gain tax

·         Business activity by charitable trust – exempt upto Rs. 10 lakhs

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