03-01-2007, 07:36 AM
<!--QuoteBegin-->QUOTE<!--QuoteEBegin--><b>What Budget 2007-08 proposes:</b>
Allocation for education up by 34.2%
Allocation for health and family welfare up 21.9%
Allocation for defence increased to Rs 96,000 crore
Addl education cess of 1% on taxes
No change in personal, corporate, service tax rates
Threshold limit for income tax exemption increased by only Rs 10,000 for all assesses
For women, threshold exemption raised to Rs 145,000 from Rs 135,000
Exemption for senior citizens raised to Rs 195,000
PAN to be made sole identification number for all participants in securities market
Service tax net widened
New services: Renting of immovable property use in commerce and business; Outsourced mining of mineral, oil or gas;
Development, supply of content for use in telcos, advertising purpose; Design services and those in execution of work contracts
Dividend distribution tax rate raised to 15% vs 12.5%
Employee Stock Options brought under Fringe Benefit Tax
Specific duty on cigarettes increased by 5%
Specific duty on beedis raised from Rs 7 to 11 per thousand for non-machine made and from Rs 17 to 24 per thousand for machine made
Excise duty cut from Rs 400 to Rs 350 per ton on cement sold in retail at not more than Rs 190 per bag
Cement bags having higher MRP to attract Rs 600 per ton Excise duty
Customs duty reduced on pet food from 30 to 20%; on watch dials, and umbrella parts from 12.5 to 5%
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Allocation for education up by 34.2%
Allocation for health and family welfare up 21.9%
Allocation for defence increased to Rs 96,000 crore
Addl education cess of 1% on taxes
No change in personal, corporate, service tax rates
Threshold limit for income tax exemption increased by only Rs 10,000 for all assesses
For women, threshold exemption raised to Rs 145,000 from Rs 135,000
Exemption for senior citizens raised to Rs 195,000
PAN to be made sole identification number for all participants in securities market
Service tax net widened
New services: Renting of immovable property use in commerce and business; Outsourced mining of mineral, oil or gas;
Development, supply of content for use in telcos, advertising purpose; Design services and those in execution of work contracts
Dividend distribution tax rate raised to 15% vs 12.5%
Employee Stock Options brought under Fringe Benefit Tax
Specific duty on cigarettes increased by 5%
Specific duty on beedis raised from Rs 7 to 11 per thousand for non-machine made and from Rs 17 to 24 per thousand for machine made
Excise duty cut from Rs 400 to Rs 350 per ton on cement sold in retail at not more than Rs 190 per bag
Cement bags having higher MRP to attract Rs 600 per ton Excise duty
Customs duty reduced on pet food from 30 to 20%; on watch dials, and umbrella parts from 12.5 to 5%
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