Revenue Department of the Finance Ministry has taken various measures to boost-up growth and employment generation. <br/><br/>An official release said, these steps include lowering the Corporate tax rates to 25 per cent for new manufacturing companies, and extending tax benefits for housing sector so as to promote construction industry. Rate of tax on royalty and fees for technical services has been reduced from 25 per cent to 10 per cent. <br/><br/>Besides, a number of steps have been initiated to give relief to the small tax payers and to the small business and professionals. <br/><br/>The limit of deduction that can be claimed under section 80C of Income tax Act 1961 has been enhanced from one lakh rupees per annum to two lakh per annum, subject to the additional 50,000 rupees being contributed to National Pension Scheme, NPS. Further, the scope of presumptive taxation regime for small businesses has been extended by increasing the turnover up to two crore rupees.