Income Tax exemption rates raised from 1.1 lakhs to 1.5 lakhs across the board.
Tax
0 - Rs.1, 50,000 - Nil
Rs. 1, 50, 000 – Rs.3, 00, 000 – 10%
Rs. 3, 00, 001 - Rs.5, 00, 000 - 20%
Rs. 5, 00, 001 above - 30%
Exemption limit for women raised to Rs.1, 80, 000.
Exemption Limit for Senior Citizens Raised to Rs. 2, 25, 000
Health insurance of Rs 30,000 for BPL families
Banking transaction tax to be removed.
Short term capital gains tax to be hiked to 15%.
Commodities Transactions Tax to be introduced.
Refigeration components to become cheaper
Excise on small cars cut to 14%
Waiver of loans for small farmers holding up to 1-2 hectares.
The waiver amounts to 4% of total loans, is worth Rs 60,000 cr and is to be completed by June 2008.
Following Components are Become Cheaper
Air-Conditioners
Computers
Laptops
Scanners
Plasma TVs
Printers
Home Theater
Audio Systems
Digital Camera
Air Coolers
Fax Machines
Mixes
Vacuum Cleaners
Furniture
Clothes
Watches
Neck less
Medical Instruments
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