Union Budget 2008 Highlights

• Tax exemption hiked from Rs 1,10,000 to Rs 1,50,000
• Minimum relief of Rs 4,000 to all assessees
• 10% tax between Rs 1.50,001 and Rs 3,00,000
• 20% tax between Rs 3,00,001 and Rs 5,00,000
• 30% tax on income above Rs 5,00,001
• No change in corporate income tax rate
• Women exemption hiked to Rs 1,80,000
• Tax exemption for senior citizens upto Rs 2.25 lakhs
• Tax exemption for women up to Rs 1,80,000
• Banking cash transaction tax withdrawn from April 1, 2009
• Indirect tax proposals to result in loss of Rs 5,000 cr
• Direct tax proposals to be revenue neutral
• Dividend of subsidiary company exempt from DDT
• Reduce central sales tax to 2%
• Increase in short term capital gains tax to 15%

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