10% surcharge on personal Income Tax removed

Tax reforms in union budget 2009 2010

10% surcharge on personal Income Tax removed

* No change in Corporate Tax.

* Surcharge on Income Tax phased out. Income Tax rates exemption limit to raised from Rs 180,000 to 190,000 for women.

* Fringe benefits tax abolished.

* Tax holidays extended by one more year.

* Income Tax rates exemption limit to 2,25,000 to 2,40,000 for senior citizens.

* IT returns to be made simpler, says Mukherjee.

* Govt to extend tax waiver on some exports to March 2010.,