Finance Bill 2011

Thursday, March 10, 2011 | comments

FINANCE BILL, 2011
PROVISIONS RELATING TO FINANCE BILL, 2011
Introduction

The provisions of the Finance Bill, 2011 relating to direct taxes seek to amend the Income-tax Act, 1961, inter alia, in order to,-

(i) increase the basic exemption limit in the case of individual taxpayers;
(ii) lower the qualifying age of senior citizens from 65 years to 60 years and also to increase the current exemption limit in such cases;
(iii) provide a higher exemption limit to very senior citizens above the age of 80 years;
(iv) reduce the surcharge on tax in the case of companies;
(v) provide impetus to overseas borrowings by facilitating setting up of infrastructure debt funds;
(vi) rationalise the taxation of income distributed by debt mutual funds;
(vii) levy Minimum Alternate Tax (MAT) on developers of SEZ and units operating in them;
(viii) levy Alternate Minimum Tax (AMT) in the case of Limited Liability Partnerships;
(ix) provide a set of counter-measures in relation to jurisdictions with which there is a lack of effective exchange of information;
(x) provide a concessional rate of tax on dividends received by Indian companies from their foreign subsidiaries during
               
Read complete Memorandum of Budget 2011-12 in PDF format as below:-
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