Indian union budget 2009-10
- Service tax levied on law firm
- Custom duty on gold re-imposed
- Customs duty to be reduced on drugs for heart treatment
- No new tax on edible oil imports
- 4 per cent excise duty on cotton products restored
- Customs duty on bio-diesel reduced
- Life saving devices on heart contidion exempted from custom duty
- Small business exempt from advance tax
- To maintain overall customs and excise duty structure
- Tax holiday to natural gas extended
- Tax slab raised
- MAT hiked to 15 per cent of book profit
- Commodity transaction tax abolished
- New pension scheme
- Tax holiday for exporters extended untill 2012
- Personal income tax exemption hiked by Rs 10,000
- Abolish fringe benefit tax
- Tax holiday extended for textile units
- Goods and services tax from April 1, 2010
- Share of direct taxes has increased to 56 per cent in 2008-09
- Federal Tax/GDP ratio is 11.5 per cent
- No surcharge of 10 per cent on personal income tax
- Increase in exemption slab for senior citizen
- No change in corporate taxes
- Hike in IT exemption for women to Rs 1,90,000
- Govt committed to tax reforms
- Increase automation in direct tax collection
- New tax code in 45 days
- Centralised processing center at Bengalooru to streamline taxation
- Income tax forms should be user friendly
- Tax system should be such that it shold encourage voluntary compliance
- Saral form 2 will be introduced
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