Multiple choice

Which direct tax proposal is correct as per the Unoin Budget 2011-2012?

  1. Exemption limit for the general category of individual taxpayers enhanced from Rs. 1,60,000 to Rs. 1,90,000.

  2. Exemption limit enhanced and qualifying age reduced from 65 year to 62 year for senior citizens.

  3. Current surcharge of 7.5 per cent on domestic companies proposed to be reduced to 6 per cent.

  4. Rate of Minimum Alternative Tax proposed to be increased from 18 per cent to 18.5 per cent of book profits.
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D Correct answer
Explanation

Rate of Minimum Alternative Tax proposed to be increased from 18 per cent to 18.5 per cent of book profits.

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