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What if Kelkar proposals are accepted

July 29, 2004 09:47 IST
By BS Economy Bureau in New Delhi
So what happens if the Kelkar tax proposals II are accepted and implemented by the government? Check out what happens to income tax, customs duties and excise duties. 

PERSONAL INCOME TAX

Income level ------------------ Rate

Below Rs 1 lakh -----------------Nil
Rs 1-4 lakh ---------------20% in excess of income over Rs 1 lakh
Over Rs 4 lakh -----------Rs 60,000 plus 30% of income in excess of Rs 4 lakh

CORPORATE TAX

CUSTOMS DUTY

  • Basic Customs duty to be cut to a three-rate structure of 5%, 8% and 10% (raw materials 5%, intermediate goods 8% and finished goods 10%) consumer durables 20%, motor vehicles 50%, specified agricultural products and demerit goods 150%, crude oil 5%, petroleum products 10%
  • EXCISE DUTIES

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