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In his tax proposals Finance Minister P Chidambaram announced that there will be no change in the rates of personal income tax. He further announced that there will be no new taxes on income. He also announced the abolition of one by six scheme for filing of income tax returns.
However, excise duty on cigarettes was increased by five per cent.
Eight per cent special additional duty on aerated soft drinks and small cars withdrawn and they will attract only 16 per cent Cenvat excise duty instead of 24 per cent earlier.
Cess on domestically produced petroleum crude has been raised from Rs 1800 per tonne to Rs 2500 per tonne but the entire amout to be absorbed by oil producing companies.

Photograph: Saab Pictures

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