TaxTMI 
TaxTMI 
Highlights and Major Announcements in Budget 2011
Budget 2011-2011
28 Feb 2011 
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Direct Tax Code introduction and GST amendment announced alongside higher individual exemptions and corporate surcharge relief.
The Budget announces enactment of a Direct Tax Code effective April 1, 2012 and a constitutional amendment to introduce a national goods and services tax, while raising the basic income tax exemption and altering senior citizen tax treatment; it reduces corporate surcharge and proposes tax-free bonds. It further liberalises foreign investment into mutual funds and corporate bonds under conditions, contemplates additional private banking licences, and provides targeted capital and refinancing support for banks, rural credit, microfinance and MSME lending. (AI Summary)
The Budget announces enactment of a Direct Tax Code effective April 1, 2012 and a constitutional amendment to introduce a national goods and services tax, while raising the basic income tax exemption and altering senior citizen tax treatment; it reduces corporate surcharge and proposes tax-free bonds. It further liberalises foreign investment into mutual funds and corporate bonds under conditions, contemplates additional private banking licences, and provides targeted capital and refinancing support for banks, rural credit, microfinance and MSME lending. (AI Summary)