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Highlights of Union Budget 2006
ibnlive.com
Published on Thu, Jan 31, 2008 at 13:20, Updated at Fri, Feb 01, 2008 in section
Other stories in the section:
The Government is concerned about inflation but it is confident that it will not affect growth, said Chidambaram while presenting the Union Budget.
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One-by-six scheme for filing of income tax returns abolished Excise duty on cigarettes up 5 pcMAT rate inc from 7.5 pc to 10 pcApril 1, 2010 date for introduction of GSTService tax raised to 12 pcBank Fds upto 5 yrs is included in 80-C reductionSamll cars ice cream get cheaperRs 10,000 tax exemption limit for pension fundsFDs in scheduled commercial banks with five year maturity will get tax exemption under Section 80C Rs 10,000 exemption limit for investment in pension funds under Section 80CCC removed These investments would be brought under Sec 80C subject to a ceiling of Rs 1 lakhMinimum alternate taxBanking cash transcation tax to continueCustoms duty on vanaspati raised to 8 pcConstituency allowances of MLAs to be treated for income tax purposesConstituency allowances of MPs to be treated for income tax purposesMore transactions to come under PAN Banking cash transaction tax introduced last year will continueFringe Benefit Tax modified Threshhold limits of FBT raisedFBT will remain as it is FBT is justified for ensuring horizontal equity
Tags: Union Budget, Highlights 
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