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Recent Amendments in Direct Taxes for A.Y. 2010-11

Basic exemption limit for individual and women has been increased by Rs 10,000. New tax rates are as follows:

In case of individual not being a women

No surcharge on the income above Rs 10,00,000 in case of individuals.

No changes made in the Tax rates of companies/firms/local authorities/ co-operative societies.

Fringe Benefit Tax on the value of certain fringe benefits provided by employers to their employees to be abolished. It is proposed to insert a new section 115WM to abolish the fringe benefit tax. Consequently, it is also proposed to restore the taxation of the fringe benefits as perquisites in the hands of the employees.

Section 115 JB Minimum Alternate Tax (MAT) to be increased to 15 per cent of book profits from 10 per cent. These amendments will take effect from 1st April, 2010.

Source: servicetax.gov.in, Tribune news.

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