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BUDGET OF
INDIA
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BUDGET OF
INDIA
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Tax Rates in India | Withholding Taxes for Foreign Companies under the Tax Treaties | Entry Strategies in India for Foreign Investors | Changes made in 2007 Budget
Taxes |
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Corporate Income Taxes in Indian No change in corporate income tax rates and surcharge
Individual Income Taxes in Indian Individual Income tax exemption
hiked to Rs 1.5 lakh
Tax Holidays in some Sectors in Indian A five-year tax holiday for setting up hospitals anywhere in India specially in tier-II and tier-III towns to serve the rural population. Certain specified urban agglomerations will not be covered. This window will be open for a five-year period from April 1, 2008, to March 31, 2013. n A five-year tax holiday for two, three and four star hotels established in specified districts, which have UNESCO declared World Heritage sites. The hotel should be constructed and start functioning between April 1, 2008, and March 31, 2013.
Custom Duties in Indian No change in the peak rate of customs duty n Custom Duties on helicopter simulators removed in India
Excise Tax in IndiaExcise duty has been reduced on:
Central Sales Tax in Indian Central Sales tax to be reduced to 2% from April 08
CENVAT Tax in Indian Reducing general CENVAT rate on all goods in the manufacturing sector from 16 per cent to 14 per cent.
Bank Transaction Tax in Indian Banking cash transaction tax has been withdrawn.
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Other Highlights of the New Budget |
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Pay for parents’ health, get tax benefits From April 1, individuals who pay for the medical health insurance of their parent or parents would be allowed an additional deduction of up to Rs 15,000 on any payment made for the health insurance for his or her parents under Section 80D. If either of the individual tax payer’s parents, who has been medically insured, is a senior citizen, the deduction would be allowed up to Rs 20,000.
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