Keep yourself updated with latest India Budget (2010-11) news, views, inside stories and Live updates of the Union Budget 2010 on February 26, 2010.

Income Tax, Corporate Tax & Direct Tax in Budget 2010-11

Direct tax slabs: income upto 1.6 lakh = nil, 1.6-5 lakh = 10%, 5-8 lakh = 20%, above 8 lakh = 30%
  • More services to be brought under service tax net
  • Service tax to result in net revenue gain of Rs 3000cr
  • Customs duty on gold to be reduced; silver at Rs 1500/kg
  • Uniform concessional duty of 5% on all medical appliances
  • Rationalising of customs on gaming software
  • Custom duty of one of the key component of microwave oven reduced
  • Peak customs duty unchanged at 10%
  • Custom duty for importing of duplication of prints of films revised
  • No capital gains tax on conversion of a business entity into Limited Liability Partnership
  • Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations
  • Nominal duty of 4% electric cars
  • Partial rollback of excise duty on cement, cement products, large cars
  • To levy excise duty of Re 1/litre on petrol
  • R&D Corp Tax break up to 200%
  • Uniform Direct Tax receipts to fall by Rs 56,000 cr
  • Pilot project for tax grievances extended to 4 cities
  • Direct tax scheme to result in revenue loss of Rs 26,000cr
  • Corporate tax surcharge down from 10 to 7.5%
  • Rs 20,000 additional tax break for infra bonds
  • Corp Min Alternate Tax up from 15 to 18%
  • New tax rates would offer relief to 60 per cent of tax-payers
  • Direct tax slabs: income upto 1.6 lakh = nil, 1.6-5 lakh = 10%, 5-8 lakh = 20%, above 8 lakh = 30%
  • Centralized Tax Centre at Bengaluru fully functional
  • Gross tax receipts Rs 7.46 lakh crore
  • Deferment of goods & service tax negative for corporates in FY10-11
  • Direct tax to be implemented from April 1, 2011
  • Simple tax system with minimum exemptions near completion
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