NEW TAX RATES FOR INDIVIDUAL AND CORPORATES

Individual
Existing Proposed From Rs.1,60,001 to Rs 3,00,000 -10% From Rs.1,60,001 to Rs 5,00,000 -10% From Rs.3,00,001 to Rs 5,00,000 -20% From Rs.5,00,001 to Rs 8,00,000 -20% Above Rs.5,00,000 -30% Above Rs.8,00,000 -30%
Additional investment of Rs 20,000 in infra bonds over and above Rs 1 lakh in 80C. Enhance tax audit limits for professionals to Rs 15 lakh
Corporate
Reduces current surcharge of 10% on domestic comp to 7.5% Peak excise duty hiked from 8% to 10% Weighted deduction from 150% to 200% for in-house R&D Limits for turnover for purpose of presumptive taxation of small business enhanced to Rs 60 Lakhs