IT sops; air travel and health check-up to become costlier
Tuesday, 01 March 2011, 06:02 IST
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New Delhi: A play-safe budget today raised the threshold income tax exemption limit from Rs 1.60 lakh to Rs 1.80 lakh that will leave at least Rs 2000 more in the hands of tax payers across the board and made changes in the service tax that will make air travel, hotel accommodation and drinking in AC restaurants costlier. Presenting the budget for 2011-12 that will result in a net revenue loss of Rs 200 crore, Finance Minister Pranab Mukherjee imposed an excise duty of one per cent on 130 specified items which will, however, exempt food and fuel. He also gave some relief to corporates by reducing the current income tax surcharge of 7.5 per cent on domestic companies to five per cent but raised the Minimum Alternate Tax (MAT) from 18 to 18.5 per cent including developers of Special Economic Zones (SEZs) in it.
Source: PTI
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