India Uniion Budget'09, Taxes highlights

• MAT hiked to 15 per cent of book profit
• Commodity transaction tax abolished
• New pension scheme
• Tax holiday for exporters extended untill 2012
• Personal income tax exemption hiked by Rs 10,000
• Abolish fringe benefit tax
• Goods and services tax from April 1, 2010
• Share of direct taxes has increased to 56 per cent in 2008-09
• Federal Tax/GDP ratio is 11.5 per cent
• No surcharge of 10 per cent on personal income tax
• Increase in exemption slab for senior citizen
• No change in corporate taxes
• Hike in IT exemption for women to Rs 1,90,000
• Govt committed to tax reforms
• Increase automation in direct tax collection
• New tax code in 45 days
• Centralised processing center at Bengalooru to streamline taxation
• Income tax forms should be user friendly
• Tax system should be such that it shold encourage voluntary compliance
• Saral form 2 will be introduced