BUDGET 2011 HIGHLIGHTS
Exemption limit for the general category of individual taxpayers enhanced from 1,60,000 to 1,80,000 giving uniform tax relief of ` 2,000.
Entities on whom search is initiated can file an application before the settlement commission if additional tax payable on disclosed income exceeds INR 50 Lacs.
Current surcharge of 7.5 per cent on domestic companies proposed to be reduced to 5 per cent.
Rate of Service Tax retained at 10% to create foundation for GST
