Budget 2007-08 – Running Commentary

Direct Taxes

threshold limit for all assessees increased by Rs. 10,000. 80D medical relief increased to Rs. 15000.

Surcharge on IT removed for SMEs with income of 1 Crore or less.

5 year IT holiday on 2,3,4 star hotels in Delhi, NCR for Commonwealth Games.

Effective corporate tax rate is 19%. MAT to be applicable to certain companies.

VC funds will get pass through status in biotech, IT, nanotech, seed research and devpt, pharma research, poultry, biofuels, hotels & convention centres.

(..furore in house..)

Capital Gains tax on certain works of art.

Tax on dividends raised to 15%. FBT on ESOPS.

Additional Education Cess of 1% on ALL TAXES for secondary education and implementing reservations.

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