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Indian Budget 2003-2004> Key Highlights
Standard deduction raised to Rs 30,000 or 40% for incomes up to Rs 5 lakh
Personal Taxation & Finance
Standard deduction of Rs 20,000 for Rs 5 lakh-plus incomes
5% surcharge on incomes up to Rs 8.5 lakh abolished
Surcharge doubled to 10% on incomes above Rs 8.5 lakh
Income tax exemption limit retained at Rs 50,000
Tax-breaks on interest on housing loans up to Rs 1.5 lakh to continue
Tax break on education expenses upto Rs 12,000 for two children
Outsourcing PAN process, only 2% IT returns to be scrutinized.
Electronic filing of individual IT returns, one page form from April 1.
Senior citizens income up to 153,000 rupees to be tax exempt
VRS upto Rs 5 lakh exempt from income tax
Dividend tax abolished in hands of recipient
Interest rate on small savings schemes, PPF reduced by 1%
New pension scheme with equal contribution from employers and govt
Special pension policy with 9% guaranteed returns for those over 55 yrs
Leave travel concession for government employees restored
Long-term capital gains tax on shares abolished
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