Budget 2011 Income Tax, India Budget 2011 Income Tax, Budget 2011 Income Tax India


Budget 2011 Income Tax, India Budget 2011 Income Tax, Budget 2011 Income Tax India

Budget 2011 Income Tax, India Budget 2011 Income Tax, Budget 2011 Income Tax India

Budget 2011 Income Tax, India Budget 2011 Income Tax, Budget 2011 Income Tax India

The Union budget 2011 has presented by the Finance Minister Pranab Mukherjee today.  There is not any change in Budget 2011 Income Tax exemption limit for women at Rs 1.90 lakh while increasing it for men and senior citizens. As per Budget 2011 Income Tax exemption limit for general taxpayers to Rs 1.80 lakh from Rs 1.60 lakh per annum at present. For senior citizens, the limit has been raised from Rs 2.40 lakh to Rs 2.50 lakh per annum. Here are highlights of Budget 2011 Income Tax. You can watch the below text to get all the highlights of Budget 2011 Income Tax

Highlights of Budget 2011 Income Tax :

  • New category of senior citizens above 80 years to get higher IT deduction limit of Rs. 5 lakh from this year
  • IT exemption for taxpayers raised from Rs. 1.6 lakh to Rs. 1.8 lakh.
  • Senior citizens to get higher IT deduction limit of Rs. 2.5 lakh. Entitlement age reduced to 60 from current 65
  • Tax deduction for investment in infrastructure bonds of Rs. 20,000 extended for one more year
  • Loss on direct tax reliefs at Rs. 11,500 crore; gain on indirect tax changes at Rs. 11,300 crore
  • Interest subvention on home loans up to Rs. 15 lakh. Mortgage risk guarantee corporation to insure loans to the poor
  • Foreign individual investors allowed to invest directly in mutual funds subject to KYC requirements
  • Corporate tax surcharge reduced from 7.5% to 5%. Minimum alternate tax rate up from 18% to 18.5%.
  • Fiscal deficit for 2010-11 seen at 5.1% against 5.5% budgeted; deficit for 2011-12 projected at 4.6% of GDP
  • Priority sector home loans limit raised to Rs. 25 lakh from Rs. 20 lakh.
  • Excise exemptions withdrawn on 130 items; to pay minimum excise of 1% from next year
  • Service tax levels and excise stay at 10%; Peak rate of customs duty remains unchanged

Budget 2011 Income Tax, India Budget 2011 Income Tax, Budget 2011 Income Tax India

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