A main budget speech by finance minister in assembly.

• Corporate tax surcharge reduced from 7.5% to 5%. Minimum alternate tax rate up from 18% to 18.5%.

• IT exemption for taxpayers rose from Rs 1.6 lakh to Rs 1.8 lakh. Tax relief is about Rs 2,000 across-the-board.

• Senior citizens to get higher IT deduction limit of Rs 2.5 lakh. Entitlement age reduced to 60 from current 65.

• New category of senior citizens above 80 years to get higher IT deduction limit of Rs 5 lakh from this year.

• Service tax levels and excise stay at 10%; Peak rate of customs duty remains unchanged.

• Excise exemptions withdrawn on 130 items; to pay minimum excise of 1% from next year.

• Foreign individual investors allowed to invest directly in mutual funds subject to KYC requirements.

• Govt to allow issue of Rs 30,000 crore worth of tax-free bonds by infrastructure companies in 2011-12.

• Tax deduction for investment in infrastructure bonds of Rs 20,000 extended for one more year.

• Investment in fertilizer plants and machinery to be treated as infrastructure investment.

• Fiscal deficit for 2010-11 seen at 5.1% against 5.5% budgeted; deficit for 2011-12 projected at 4.6% of GDP.

• Government to introduce direct cash payments for those entitled to subsidies in kerosene, cooking gas and fertilizer by March, 2012.

• Government considering extension of nutrient-based subsidy for urea, the largest chunk of fertilizers used in agriculture.

• National mission for electric and hybrid vehicles to be set up to create environment-friendly automobiles.

• Priority sector home loans limit raised to Rs 25 lakh from Rs 20 lakh.

• Interest subvention on home loans up to Rs 15 lakh. Mortgage risk guarantee corporation to insure loans to the poor.

• Public sector disinvestment target for 2011-12 is raised to Rs 40,000 crore

• Centre's net borrowing figure for 2011-12 fixed at Rs 3,43,000 crore; fiscal deficit figure at Rs 4,12,000 crore

• Cement excise duties will be shifted to valorem basis from specific duty now.

• Loss on direct tax reliefs at Rs 11,500 crore; gain on indirect tax changes at Rs 11,300 crore.

• FM says no need to remove stimulus package at this stage, but will withdraw excise exemptions.

• FIIs allowed to invest in MF schemes.• FII limit in corporate bonds has been raised by $20 billion.

• LPG, kerosene and fertilizers will be transferred directly to BPL beneficiaries.

• More banking licenses to be given.

• Subvention of 3per cent on farmers paying loans before time.

• Short term interest to farmers will continue to be at 7 per cent.