1. FINANCE MINISTER PRANAB
MUKHERJEE HAS PRESENTED THE
BUDGET 7 TIMES

2. • IT Exemption limit raised to Rs.2 lakh
2 To 5 10%
5 To 10 20%
10 To More 30%
• Interest up to 10,000 on Savings Bank A/C to be
exempted from tax
• Age limit for senior citizen for tax benefits reduced to
60 from 65
• Deduction of 50% investment up to Rs. 50000 in equity
by new investors with annual income up to Rs. 10 lakh.
• STT reduced 20% on Delivery based transaction.

3. • Additional Avenues for investing in tax-free bonds
made available
• TDS made mandatory for sale of immovable
property worth over 50 lakhs in urban areas and
20 lakhs in rural areas.
• 1% tax to be collected by seller for any sale in
cash with value of 2 lakhs of jewellery, bullion etc.
• TDS for investors from Debentures if amount
exceeds 5000/-

4. • No tax benefits for new life insurance policy
with annual premium over 10% of sum
assured.
• Withholding tax on interest on ECBs, reduced
from 20% to 5% for Powers, Airlines, Roads etc
for 3years
• Tax Audit exemption limits increase from 60
lakh to 1 core for SMEs, Rs 15 lakh to 25 lakh
for professionals.

5. • All Assets, Financial Interests etc. abroad to be
declared to IT
• Penalty up to 90% on undisclosed income
found during search
• Threshold for payment of service tax on
apartment maintenance raised from 3000 to
5000
• No excise on branded silver jewellery

6. • Duty free baggage allowance at airports raised by
10000 to 35000
• Excise duty on branded ready made garments
reduced from 4.6 to 3.7
• Service tax rate up from 10.3% to 12.3%
• Basic Custom Duty on imported vehicle over
$40000 (3000 cc or more for petrol, 2500 cc more
for diesel) raised from 60 to 75%
• Excise duty on cars of 1500 cc and above raised to
27%.