• Exemption limit for the general category of individual taxpayers enhanced from Rs. 1,60,000 to Rs 1,80,000 giving uniform tax relief of Rs. 2,000.

• Exemption limit enhanced and qualifying age reduced for senior citizens.

• Higher exemption limit for Very Senior Citizens, who are 80 years or above.

• Current surcharge of 7.5% on domestic companies proposed to be reduced to 5%.

• Rate of Minimum Alternative Tax proposed to be increased from 18% to 18.5% of book profits.

• Tax incentives extended to attract foreign funds for financing of infrastructure.

• Additional deduction of Rs. 20,000 for investment in long-term infrastructure bonds proposed to be extended for one more year.

• Lower rate of 15% tax on dividends received by an Indian company from its foreign subsidiary.

• Benefit of investment linked deduction extended to businesses engaged in the production of fertilizers.

• Investment linked deduction to businesses developing affordable housing.

• Weighted deduction on payments made to National Laboratories, Universities and Institutes of Technology to be enhanced to 200%.

• System of collection of information from foreign tax jurisdictions to be strengthened.

• A net revenue loss of Rs. 11,500 crore estimated as a result of proposals.