The finance minister Pranab the Union Budget 2011-12 on today, February 28, 2011. The tax exemption limit for general category has been raised slightly. People with annual income of upto Rs. 180,000 do not need to pay the income tax. In the previous year the tax exemption limit was Rs. 160,000. The tax exemption limit for senior citizen (60 years and above) has been set of upto Rs. 250,000. A new tax exemption criterion has also been developed for 80 years and above. The tax exemption limit for them is Rs. 500,000.
Corporate tax surcharge has been reduced from 7.5% to 5%. ‘Sugam’, a new tax return form for small tax payers will be released soon. In agriculture credit of Rs. 475,000 crore are allocated for the farmers. In the previous financial year, the amount was Rs. 375,000 crores. The allocation for Rashtriya Krishi Vikas Yojana has also been raised from Rs 6755 crore to Rs 7860 crore.
Service tax on air travel has also been increased by small amount, Rs 50 for domestic travel and Rs 250 for international travel in economy class. 10% flate rate will be applied on higher class. Excise duty has been retained of flat 10%. However, 1% central excise duty will be applied on 130 items. Exceptions- Gold and silver jewellery, precious stones, basic food and fuel.
For complete budget details please visit- http://indiabudget.nic.in/index.asp
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