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%