The Budget for 2008/09, which was presented by the Indian government on 29 February 2008, includes various amendments to the direct and indirect tax regimes. Details of the budgetary proposals affecting taxation are summarized below. Generally, the direct tax proposals, when passed, are to take effect on 1 April 2008, whilst the indirect tax proposals are to have immediate effect.
Direct taxes
The following are some of the main direct tax proposals:
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