July 14, 2020
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Budget 2001

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Where it will pinch, how you will gain… Fifteen important things you need to know in Budget 2001.

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  • Cut in small savings and provident fund rates by 1.5 per cent; expert committee appointed to look into reforms.
  • New schemes for banks to give educational loans of up to Rs 4 lakh for domestic studies and Rs 6 lakh for foreign studies.
  • Limit for TDS (tax deducted at source) for term deposits reduced from Rs 10,000 to Rs 2,500.
  • Limit for tax exemption on interest income under Section 80L reduced from Rs 15,000 to Rs 9,000.
  • Value of perks and allowances, except for car and accommodation, to be evaluated at cost to the employer.
  • Annual interest repayment limit on housing loans for self-occupied houses raised from Rs 1 lakh to Rs 1.5 lakh.
  • Tax breaks on LIC schemes to be extended to private insurers.
  • No prior tax clearance for property transactions up to Rs 5 lakh.
  • Excise duty on processed foods (aerated soft drinks, soft drink concentrates, potato chips, etc) removed.
  • All surcharges, except the 2 per cent Gujarat surcharge, abolished; annual incomes up to Rs 60,000 exempt from surcharge. Salary income up to Rs 1 lakh to get 30 per cent tax exemption subject to provisions.
  • Import duty for gold reduced from Rs 400 to Rs 250 per 10 grams.
  • Dividend tax reduced to 10 per cent from 20 per cent.
  • Excise on cars down from 40 per cent to 32 per cent.
  • Widened service tax net to cover automobile service stations and photography services.
  • ESOPs not to be taxed as perquisite but as capital gains.
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