New Delhi: Belying expectations, Finance Minister Jaswant Singh proposed no changes in the income tax (IT) structure in the Interim Budget 2004-05 presented by him in the Lok Sabha today (Feb 3, 2004).

"Some necessary changes in the income tax procedures require the amendment of the Income Tax Act," he said.

Singh said it was Government's conviction and also a commitment that fiscal benefits available to new projects in the power sector should be extended up to 2012 instead of 2006 and fiscal benefits should also be available to cases of take-over from State Electricity Boards.

Outlining the mid-term perspectives on the direct tax front, the Finance Minister said the regime of listed equities on or after March 1, 2003 being exempt from long-term capital gains tax should be extended for a further period of three years.