Advantages:
1. Individual’s Tax Slab Changed
Up to 1.60 Lakhs – Nil Tax
From 1.60 Lakhs to 5.00 Lakhs - 10% ( Earlier upto 3.00 Lakhs )
From 5.00 Lakhs to 8.00 Lakhs – 20% ( Earlier upto 5.00 Lakhs )
Above 8.00 Lakhs - 30%
2.Additional deduction of Rs.20,000/- ( From 1.00 to 1.20 Lakhs ) under section 80 C for Individuals for Investments in Long term Infrastructure bonds.
3.Surcharge for COMPANIES reduced from 10% to 7.5%.
4.2% Pre- Shipment Credit Interest Subvention for Exports extended for one more year.
5.Rs.200 Crores allocated to Tirupur Textiles Sector.
6.Section 44AB Mandatory Tax Audit Limits Increased for Business People from 40 Lakhs to 60 Lakhs Turnover and for Professional People from 10 Lakhs to 15 Lakhs Gross Receipts.
7. Excise Duty on Carton and Corrugated boxes reduced from 8% to 4.
Dis Advantages
1.MAT (Minimum Alternate Tax) increased from 15% to 18%.
2.Excise duty Increased from 8% to 10%.
3.Central Excise Tariff on Petroleum Products hiked by Re.1/-.
4.Petrol, Diesel, Coals, Jewellery, Cement and Large Cars prices will go up.
5.TDS Interest on Delyed Payments Increased from 4% to 18% if the amount is deducted and not paid within the due date.
General
1.New Direct Tax code and GST ( Goods and Service Tax ) will be Implemented from 01/04/2011.
2.Fiscal Deficit for FY 2010 revised to 6.9% of GDP and 5.50% budgeted for FY 2011.
3.More Weightage given on R & D related Expenditure such as Inhouse and Scietific researches.
