1. Tax slabs changed (up to 2 lakhs nil , 10% for 2-5 lakhs, 20% for 5-10 lakhs and 30% for > 10 lakhs.
2. Interest from SB a/c tax free up to Rs 10,000
3. Rs. 5000 can be availed for preventive medical check up ( self and family members) within the medical insurance premium deduction of 15k per annum.
4. Investment in infrastructure bonds( 80ccf) up to 20,000 exemption not extended beyond assessment year 2012-13
5. Tax benefits not available to new life insurance policies having annual premiums of more than 10% of sum assured ( excluding loyalty bonus component)
6. For those with income up to 10 lakhs , Rajiv Gandhi equity scheme will allow up to 50% deduction to new retail investors , who invest Rs 50,000 in equity with lock in of 3 years ( Details need to be elaborated , expected soon from govt.)
1. STT for delivery based equity transactions reduced to 0.1 %
2. Sale of immovable property > 50 lakhs in urban and >20 lakhs in rural to attract 1% TDS.
3. Capital gains from sale of house would be exempt from tax , if invested in SME equity
4.1% additional taxes for cash purchase of jewellery above Rs. 2 lakhs.
5. More options for investing in tax free bonds ( NHAI and HUDCO).
6.TDS for interest from debentures , if amount exceeds Rs 5000.