TO MAINTAIN THE RECORDS OF DONATIONS RECEIVED IN EXCESS OF RS. 20000. CASH DONATION RESTRICTED UPTO RS. 2000  

MAT CREDIT CAN BE CARRIED FORWARD UPTO 15 YEARS.

BASE YEAR FOR LONG TERM CAPITAL GAINS INDEXATION TO BE SHIFTED FROM 1981 TO 2001. MAJOR RELIEF FOR TRANSFER OF INHERITED PROPERTY AND REDUCTION IN…

DOMESTIC TRANSFER PRICING SCOPE RESTRICTED, APPLICABLE TO DOMESTIC COMPANIES WHEREIN ANY GROUP COMPANIES ENJOYING TAX BENEFITS

GREATER ACCOUNTABILITY OF TAX OFFICERS FOR ERRORS AND COMMISSION & OMISSION

THERE WAS NO CHANGE IN RATE OF EXCISE AND SERVICE TAX RATES

FM HAS NOT INCREASED ANY LIMITS IN EXEMPTION OF INCOME UPTO 2.5 LACS

FM PROPOSE TO REDUCE THE TIME LIMIT OF ASSESSMENT IN PHASES, TIME PERIOD SHALL REDUCE TO 12 MONTHS IN 3 YEARS

SURCHARGE OVER INCOME ABOVE 50LACS

INDIVIDUAL TAX STRUCTURE INCOME UPTO 5 LACS REDUCED TO 5% REBATE 87A REDUCED UPTO RS. 2500 AND ALLOWED FOR PERSON HAVING INCOME 3.5 LACS