Highlights of Budget 2005

• Direct tax: Upto Rs 1 lakh nil; Rs 1-1.5 lakh 10 pc; 1.5-2.5 lakh 20 pc; above 2.5 lakh 30 pc
• Exemption for women upto 1.25 lakh; for senior citizens 1.50 lakh
• Standard deduction removed
• More taxes on perks
• Tax relief for consolidated savings upto 1 lakh
• No change in corporate tax for foreign companies
• Corporate tax to be 30 pc; surcharge 10 pc
• Depreciation on plant and machinery to be 15 pc
• STT to be increased to 0.02 pc from 0.015 pc for day traders
• Cash withdrawals above Rs 10,000 on a single day to be taxed 0.1 pc
• New services brought under tax net