Aug
15
2009
Income tax incentives on education loans expanded to cover vocational studies after schooling.
Share of direct taxes has increased to 56 per cent in 2008-09 over 41 per cent in 2007-08.
Direct Tax code to be released in 45 days along with discussion paper.
To further improve the efficiency of tax system, I propose to set up two authorities for advance ruling, said Pranab.
Effort is to improve tax collection by eliminating distortions in tax system and expanding the base.
Proposal to incentivise business. I propose to start investment linked tax benefits in areas of agriculture and national grid, said Pranab.
Small businesses up to Rs 40 lakh (Rs 4 million) turnover exempted from filing advance tax returns.
Customs duty of 5 per cent being levied on import of set-top boxes used under Conditional Access System.
Allocation for market development assistance scheme enhanced by 148 per cent.
Extension of interest subvension scheme extended upto March 2010 to cover sectors like handicrafts and handlooms.
Extension of stimulus package for print media by another six months beyond June 30 in view of the economic downturn.
Subsidy regime for fertilisers to change to nutrient-based rather than price-based.
An expert committee to be set up to advise on viable and sustainable pricing system for imported petroleum products.
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