TAX RATES
- Income Tax threshold exemption limit raised by Rs. 10,000 for individuals / HUFs.
- Consequently, exemption limits would be:
- Basic Limit - 1,10,000
- Woman Assessee - 1,45,000
- Senior Citizen - 1,95,000
- Surcharge of 10% (2.5% in case of foreign companies) on SMEs having income upto Rs. 1 crore removed
- Corporate Tax Rates remain unchanged
- Dividend Distribution Tax raised from 12.5% to 15% for Corporates
- Dividend Distribution Tax for Money Market Mutual Funds and Liquid Funds raised to 25% on dividends paid to all investors.
- Education cess raised from 2% to 3%
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