- No tax on income upto Rs 1.6 lakh,
- 10 % tax from Rs 1.6 lakh to 5 lakh,
- 20 % tax from Rs 5 lakh to Rs 8 lakh
- 30 % tax on income above Rs 8 lakh.
- Direct tax code from April 1, 2010.
- Minimum alternate tax increases from 15 per cent to 18 per cent.
- Indian Rupee to get unique identity and symbol.
- Reduction in Personal Tax rate saving of Rs50,000 upto Rs 8 lakh income
- Interests on late payment of taxes hiked to 18 per cent.
- IT returns form to be of two pages.
- Rs 1,47,344 cr allocated for defence
- Rs 1,73,552 cr for infrastructure development.
- More bank companies act soon.
- Govt to keep service tax unchanged at 10%
Minimum Alternate Tax is applied when the taxable income calculated according to the I-T Act provisions is found to be less than 15.5 per cent (plus surcharge and cess as applicable) of the book profit under the Companies Act, 2013.
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