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Union Budget 2011-12 Highlights: Direct Taxation

  • A new revised income tax return form 'Sugam' to be introduced for small tax-papers
  • Exemption Limit for Individuals raised from Rs.160,000 to Rs.180,000 for individual tax payers
  • For senior citizens, the qualifying age reduced from earlier 65 years to 60 years
  • For senior citizens, the Basic Exemption Limit raised to Rs.250,000
  • New Category of tax-payers “Very Senior Citizens” created consisting of Citizens having age of 80 years and above
  • Basic Exemption Limit for Very Senior Citizens at Rs.500,000
  • Surcharge on Domestic Companies reduced to 5% from 7.5%
  • Minimum Alternate Tax raised to 18.5% from 18%

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