India budget 2007 highlights

-- No change in personal, corporate, service tax rates

-- Threshold limit for income tax exemption increased by Rs 10,000 for all assesses, giving a relief of Rs 1,000

-- For women, threshold exemption raised to Rs 1,45,000 From Rs 1,35,000

-- Exemption for senior citizens raised to Rs 1,95,000 from Rs 1,85,000, giving a relief of Rs 2,000 in income tax

-- Deduction in medical insurance premium under Sec 80D raised to Rs 15,000, for senior citizens Rs 20,000

-- Surcharge on income tax on all firms and companies with a taxable income of Rs 1 crore or less to be removed.

* Rs 500 crore provided for Commonwealth Games in Delhi * 1,396 ITIs to be upgraded into centres of excellence * Scheme to refund employers' contribution to EPF and Employee State Insurance for disabled people * New scheme to create 100,000 jobs every year * PAN to be made sole identification number for all Participants in securities market * National Housing Bank to introduce reverse mortgage * Under new scheme, senior citizens house owners can get Monthly income against mortgage * Exclusive health insurance scheme for senior citizens * Limit of loan raised from Rs 6,500 to Rs 15,000 for Weaker sections engaged in certain occupations, * Limit of housing loan raised from Rs 5,000 to Rs 20,000 For weaker sections engaged in certain occupations, * Regional Rural Banks to open at least one branch in 80 Uncovered districts * National Rural Employment Guarantee scheme to expand From 200 to 330 districts, allocation Rs 12,000 crore * Public Distribution System to be computerised * Food Corp of India to maintain information system * Rs 969 crore announced for HIV/AIDS control programme * National Means-cum-Merit Scholarship scheme to be Launched for 100,000 students every year.

* Mid-day meal scheme with increased allocation by 35% to Cover students of upper primary classes.

* Infrastructure status given to natural gas distribution Network, including pipelines * Navigation channel in sea given infrastructure status * Exemption limit for service tax raised to Rs 800,000 From Rs 400,000 for small servie providers * Service tax net widened * New services: outsourced mining of mineral, oil or gas; * New services: Renting of immovable property use in Commerce and business; * New services: development, supply of content for use in Telecom and advertising purpose; * Asset management services provided by individuals; * Design services & those in execution of work contracts * Resident Welfare Assocations exempted from service tax For members whose contribution is Rs 3000 or less * Exemption limit on banking cash transaction tax for Individuals, HUFs raised to Rs 50,000 from Rs 25,000 * Dividend distribution tax rate raised to 15% vs 12.5% * Employee Stock Options brought under Fringe Benefit Tax * Excise duty on petrol, diesel reduced from 8% to 6% * Specific duty on cigrattes increased by 5%; * Specific duty on beedis raised from Rs 7 to 11 per Thousand for non-machine made and from Rs 17 to 24 per Thousand for machine made * Duty on pan masala not containing tobacco reduced from 66 to 45 per cent * Excise duty cut from Rs 400 to Rs 350 per tonne on cement sold in retail at not more than Rs 190 per bag.

* Cement bags having higher MRP to attract Rs 600 per tonne excise duty. (Agencies)


I personally impressed with these three things.
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Public Distribution System to be computerised

1,396 ITIs to be upgraded into centres of excellence

Regional Rural Banks to open at least one branch in 80 Uncovered districts