New Delhi: Government remained committed to moderation and stability in tax rates, Finance Minister P Chidambaram said.

Exemption limit on Income Tax raised to Rs. one lakh.

1.4 crore-tax assessees to go out of the net as a result.

No alternate in tax slabs.

Tractors will be fully exempted from excise duty against existing 16 per cent. Dairy machinery also fully exempted. Spades and shovels also fully exempted.

Peak rate of Customs Duty to continue at 20 per cent.

Capital Gains Tax revamped on securities. Long term capital gains tax abolished.

Loopholes in gift tax exemption to be plugged.

Contributions to Contributory Pension Scheme exempted form tax. Terminal Tax to be paid at the time of receipt.