Highlights of 2008 budget

Highlights of the budget

For income upto Rs 1,50,000 tax liability will be nil, Rs 1,50,000-Rs 3,00,000 tax liability 10% , from Rs 3-5 lakh 20%; 5 lakh upwards 30%

Senior citizens threshold tax limit increased from Rs 1,95,000 to Rs 2,25,000

Threshold tax exemption limit increased from Rs 1,45,000 to Rs 1,80,000 for women

Threshold tax limit of exemption increased from Rs 1,10,000 to Rs 1,50,000 for men

15% tax for short term capital gains Hospitals in Tier 2, Tier 3 cities get 5 year tax holiday Pharma goods excise duty cut to 8% Excise on packaged software to go up from 8% to 12% No excise duty on refrigerating equipments Anti-Aids drug gets excise duty exemption Custom duty for phosphoric acid custom duty reduced to 5% Custom duty on some bulk drugs cut form 10% to 5% Custom duty on steel scrapped Defence allocation up by 10% from Rs 96,000 cr to Rs 1,56,000 cr Textile parks get Rs 450 crore provision SIDBI gets Rs 2,000 cr for two funds NABARD gets Rs 5,000 cr fund for refinancing Spending on NREGS seen at Rs 160 bn SIDBI gets Rs 2,000 cr for two funds NABARD gets Rs 5,000 cr fund for refinancing Spending on NREGS seen at Rs 160 bn Health spending to rise 15 per cent Education spending to rise 20 per cent National housing bank gets Rs 1,200 cr for refinancing Power sector to get national fund for transmission, distribution reforms NHDP allocation rises to Rs 12,966 cr from Rs 10,866 cr Govt to cost Rs 50,000 cr on farm loan waiving Agri loans restructured in 2004-06 under special packages to be waived Tea Research association gets Rs 20 cr Micro irrigation scheme gets Rs 500 cr Agriculture share in total investment up 16% from 10.2% Allocation for ministry of minorities doubled to Rs 1,000 cr Schemes for woman to get Rs 11,460 cr this fiscal Child related schemes to get Rs 33,434 cr 288 branches of public sector banks to be opened in 2008 National Minority Development and Finance Corp to get Rs 75 cr Thanks Tips4Trade Team www.tips4trade.com