Tax in Budget [ 2011- 2012 ]

TAX IN BUDGET- 2011-12

·        Income tax :-

Category/Tax Rate	0%	10%	20%	30%
General	Upto 1,80,000	1,80,001 - 5,00,000	5,00,001 - 8,00,000	More than 8,00,000
Ladies	Upto 1,90,000	1,90,001 - 5,00,000	5,00,001 - 8,00,000	More than 8,00,000
60-80 years	Upto 2,50,000	2,50,001 - 5,00,000	5,00,001 - 8,00,000	More than 8,00,000
More than 80 years	Upto 5,00,000		5,00,001 - 8,00,000	More than 8,00,000

•       Corporate tax: - 30% unchanged. Current surcharge of 7.5% on domestic    companies (whose total income exceeding Rs.1crore) to be reduced to 5%.
•       Excise duty:- 10% unchanged
•       Service tax: - 10% unchanged. Total services – 125 (Two new services included)
•       MAT :- 18.5% (.5% increased)
•       Direct Tax Code (DTC) will be implemented on 1April 2012.
•       For Goods and Services Tax (GST) Constitution Amendment Bill proposed to be introduced in this session of Parliament.
•       Revenue loss from Direct tax 11,500 crore,
•       Gains from Indirect Taxes 11,300 crore.