Changes in Taxation in Union Budget 2009

1. Tax slab raised
2. MAT hiked to 15 per cent of book profit
3. Commodity transaction tax abolished
4. New pension scheme
5. Tax holiday for exporters extended untill 2012
6. Personal income tax exemption hiked by Rs 10,000
7. Abolish fringe benefit tax
8. Goods and services tax from April 1, 2010
9. Share of direct taxes has increased to 56 per cent in 2008-09
10. Federal Tax/GDP ratio is 11.5 per cent
11. No surcharge of 10 per cent on personal income tax
12. Increase in exemption slab for senior citizen
13. No change in corporate taxes
14. Hike in IT exemption for women to Rs 1,90,000
15. Govt committed to tax reforms
16. Increase automation in direct tax collection
17. New tax code in 45 days
18. Centralised processing center at Bengalooru to streamline taxation
19. Income tax forms should be user friendly
20. Tax system should be such that it shold encourage voluntary compliance
21. Saral form 2 will be introduced