HIGHLIGHTS-India's 2009/10 budget presented to parliament

TAXES

* Scraps fringe benefits tax

* To scrap commodities transaction tax

* No changes in corporate tax rate

* To maintain overall customs and excise duty structure

* Increases minimum alternate tax (MAT) rate to 15 percent from 10 percent

* Carry forward tax credit on MAT to 10 years

* Hikes personal income tax exemption by 15,000 rupees for senior citizens, by 10,000 rupees for others

* Indirect taxes changes to yield 20 billion rupees in 2009/10

* Direct tax changes revenue neutral

* Indirect taxes to yield 20 billion rupees in 2009/10

* To exempt pension trust from securities transaction tax

* To extend tax holiday to natural gas

* To fully exempt petrol/diesel blended with biofuel from excise duty

* Cuts basic customs duty on biodiesel to 2.5 percent from 7.5 percent

* To impose 5 percent customs duty on set-top boxes