Finance Minister P Chidambaram has proposed to impose 20 per cent tax on corporate unit holders of mutual funds, in the Union Budget for 2004-05 he presented on Thursday.
Equity related Mutual Fund will continue to be exempt from Dividend Tax.
TDS and TCS being extended to more activities.
Companies doing research on bio-technology to get 100 per cent tax exemption for ten years.
0.15 per cent tax on transaction on securities will be levied.
Companies doing research on bio-technology to get 100 per cent tax exemption for ten years.
0.15 per cent tax on transaction on securities will be levied.
Peak rate of Customs Duty to continue at 20 per cent.
The concession of tax exemption of new industries in J and K extended by one more year to April 1, 2005.
Reduction in customs duty in non-alloy steel from 15 per cent to ten per cent, excise duty raised from eight per cent to 12 per cent.
Number of concessions on excise duty for agriculture.
Tractors will be fully exempted from excise duty against existing 16 per cent.
Dairy machinery also fully exempted. Spades and shovels also fully exempted.
Health sector to be provided a number of conessions.
In health sector, braille, braille typewriters, Braille computers fully exempted from customs duties.