* To remove Fringe Benefit Tax
* Surcharge of 10% on personal income tax removed
* No change in Corporate taxes
* Propose to phase out surcharge on Direct Taxes
* States agree on basic structure of Goods and Services Tax
* Commodity Transaction Tax scrapped
* To create Alternate Tax disputes resolution mechanism for foreign companies
* Software Technology Parks of India (STPI) extended by a year
* To raise Minimum Alternate Tax(MAT) TO 15 % of book profit
* MAT hiked from 10% to 15%
* Carry Forward Tax credit on MAT to 10 year
* To exempt Pension trust from Securities Transaction Tax
* GST to be a dual regime with Central and state terms
* No Securities Transaction Tax (STT) on sale/purchase of shares
by NPT

Income Tax Exemptions

* Senior Citizens – Increase by Rs 15,000 to Rs 2,40,000
* Women – Increase by Rs 10,000 to Rs 1,90,000
* Others – Increase by Rs 10,000 to Rs 1,60,000