The rollbacks that Sinha announced...

• the cut in tax rebate under section 88 has been partially reduced to 15 per cent for incomes between rs 1.5 lakh and rs.5 lakh. the original proposal had reduced the tax rebate in this bracket from 20 to ten per cent.
• finance minister yashwant sinha on friday announced exemption from 4 per cent excise duty on spares and accessories of bicycles, handpumps and umbrellas.
• exemption of inland air travel tax to andaman and nicobar islands, lakshadweep and leh announced. earlier, this concession was announced for travel to north east.
• excise duty of four per cent on pre-recorded cassettes would stand withdrawn to curb piracy, sinha said.
• the criterion of telephone subscribers to file income tax returns under one by six scheme removed.
• 100 per cent tax holiday for special economic zone units that have come up from april one. he said cellular phone owners would, however, have to file income tax returns under one by six scheme.
• changes in tax proposals announced will result in a revenue loss of rs.2,100 crore -- rs.1,400 crore in indirect taxes and rs.700 crore in direct taxes.
• in addition to these concessions, the revenue loss on account of raising of the subsidies on lpg to the tune of rs.750 crore, the total loss after the presentation of the budget would amount to rs.2,850 crore.