1. Tax slab raised
2. MAT hiked to 15 per cent of book profit
3. Commodity transaction tax abolished
4. New pension scheme
5. Tax holiday for exporters extended untill 2012
6. Personal income tax exemption hiked by Rs 10,000
7. Abolish fringe benefit tax
8. Goods and services tax from April 1, 2010
9. Share of direct taxes has increased to 56 per cent in 2008-09
10. Federal Tax/GDP ratio is 11.5 per cent
11. No surcharge of 10 per cent on personal income tax
12. Increase in exemption slab for senior citizen
13. No change in corporate taxes
14. Hike in IT exemption for women to Rs 1,90,000
15. Govt committed to tax reforms
16. Increase automation in direct tax collection
17. New tax code in 45 days
18. Centralised processing center at Bengalooru to streamline taxation
19. Income tax forms should be user friendly
20. Tax system should be such that it shold encourage voluntary compliance
21. Saral form 2 will be introduced
Monday, July 6, 2009
Highlights of Union Budget!!!
1. Fringe Benefit Tax and Commodity Transaction Tax abolished.
2. Personal income tax exemption hiked by Rs 10,000. No surcharge of 10% on personal income tax.
3. Centralised processing center at Bengalooru to streamline taxation.
4. No change in corporate tax.
5. Increase in exemption slab for senior citizens by Rs 15,000.
6. Fiscal deficit at 6.8% of GDP.
7. Proposes Rs 500 cr for rehabilation of displaced persons of northern and eastern areas of Sri Lanka.
8. Aila Relief proposed at Rs 1,000 crore.
9. Increased allocation for higher education. New IITs to be set up. Rs 2,113 cr for IITs and NITs.
10. Rs 25 cr each for AMU campuses in Murshidabad and Mallapuram.
11. Defence outlay goes up. One lakh dwelling units for paramilitary forces personnel to be constructed.
12. Allowances to para-military forces at par with defence forces. One rank, one pension for ex-servicemen.
13. One rank, one pension for ex-servicemen.
14. Allocation for Commonwealth Games to be raised to Rs 3472 crore
15. Online job exchange to be started with private partnership.
16. Unique ID plan to roll out in 12-18 months.
17. Top people from private sector to be given responsibility of vital national projects.
18. Interest subsidy for home loans up to Rs 1 lakh.
19. All BPL families to be bought under one smart card program.
20. 50% of all rural women to be brought into self-help group programmes.
21. Rural mega clusters in Bengal and Rajasthan.
22. To add handloom clusters in West Bengal and Tamil Nadu.
23. 75% hike in irrigation projects.
24. Rural Housing: Allocation to Indira Awaas Yojna hiked by 63% to Rs 8,883 cr. Rs 7000 crores for rural electrification scheme.
25. Rs 31,100 crore allocation for NREGA. NREGA gave employment opportunities to more than 4.479 cr households.
26. Rs 100 cr one-time grant to expand banks in non-banking areas.
27. Banks, insurance to stay with Govt. Banking network to be expanded.
28. Expert panel to look into petroleum product pricing. Domestic oil prices must be in sync with global prices.
29. 'Aam Admi' is the focus of all our programmes and schemes: Pranab
30. Tax system should be such that it shold encourage voluntary compliance.
31. Income Tax forms to be made user-friendly. Saral-II forms to simplify taxation process.
32. Export Credit Guarantee scheme extended till March 2010.
33. Stimulus package to print media extended till December 31.
34. Farmers loan interest to come down to 6%. Interest subvention scheme for farm loans to be manitained.
35. Additional budget allocation for farmers.
36. IIFCL will refinance 60% of commercial bank loans in PPP. IIFCL to look at infrastructure needs.
37. Mumbai flood management allocation hiked to Rs 500 cr.
38. 87% rise in urban renewal mission. Housing allocation hiked.
39. Fiscal stimulus at 3.5% of GDP
40. Allocation for NHAI up 23%
41. Trade in goods and services doubled in 2008
42. Job creation hit due to economic slowdown: Pranab
43. Govt took 3 stimulus packages so far. Two worst quarters of the global economic crisis is now behind us: Pranab
44. One budget can not solve all problems: Pranab
45. Foreign capital inflow is important
46. Increased focus on growth and encourage nation's development
47. Sustain growth rate of 9% for a longer period. Farm sector growth at 4%
48. Union Finance Minsiter begins his speech. This is Pranab Mukherjee's 4th budget.
49. Cabinet approves Union Budget.
2. Personal income tax exemption hiked by Rs 10,000. No surcharge of 10% on personal income tax.
3. Centralised processing center at Bengalooru to streamline taxation.
4. No change in corporate tax.
5. Increase in exemption slab for senior citizens by Rs 15,000.
6. Fiscal deficit at 6.8% of GDP.
7. Proposes Rs 500 cr for rehabilation of displaced persons of northern and eastern areas of Sri Lanka.
8. Aila Relief proposed at Rs 1,000 crore.
9. Increased allocation for higher education. New IITs to be set up. Rs 2,113 cr for IITs and NITs.
10. Rs 25 cr each for AMU campuses in Murshidabad and Mallapuram.
11. Defence outlay goes up. One lakh dwelling units for paramilitary forces personnel to be constructed.
12. Allowances to para-military forces at par with defence forces. One rank, one pension for ex-servicemen.
13. One rank, one pension for ex-servicemen.
14. Allocation for Commonwealth Games to be raised to Rs 3472 crore
15. Online job exchange to be started with private partnership.
16. Unique ID plan to roll out in 12-18 months.
17. Top people from private sector to be given responsibility of vital national projects.
18. Interest subsidy for home loans up to Rs 1 lakh.
19. All BPL families to be bought under one smart card program.
20. 50% of all rural women to be brought into self-help group programmes.
21. Rural mega clusters in Bengal and Rajasthan.
22. To add handloom clusters in West Bengal and Tamil Nadu.
23. 75% hike in irrigation projects.
24. Rural Housing: Allocation to Indira Awaas Yojna hiked by 63% to Rs 8,883 cr. Rs 7000 crores for rural electrification scheme.
25. Rs 31,100 crore allocation for NREGA. NREGA gave employment opportunities to more than 4.479 cr households.
26. Rs 100 cr one-time grant to expand banks in non-banking areas.
27. Banks, insurance to stay with Govt. Banking network to be expanded.
28. Expert panel to look into petroleum product pricing. Domestic oil prices must be in sync with global prices.
29. 'Aam Admi' is the focus of all our programmes and schemes: Pranab
30. Tax system should be such that it shold encourage voluntary compliance.
31. Income Tax forms to be made user-friendly. Saral-II forms to simplify taxation process.
32. Export Credit Guarantee scheme extended till March 2010.
33. Stimulus package to print media extended till December 31.
34. Farmers loan interest to come down to 6%. Interest subvention scheme for farm loans to be manitained.
35. Additional budget allocation for farmers.
36. IIFCL will refinance 60% of commercial bank loans in PPP. IIFCL to look at infrastructure needs.
37. Mumbai flood management allocation hiked to Rs 500 cr.
38. 87% rise in urban renewal mission. Housing allocation hiked.
39. Fiscal stimulus at 3.5% of GDP
40. Allocation for NHAI up 23%
41. Trade in goods and services doubled in 2008
42. Job creation hit due to economic slowdown: Pranab
43. Govt took 3 stimulus packages so far. Two worst quarters of the global economic crisis is now behind us: Pranab
44. One budget can not solve all problems: Pranab
45. Foreign capital inflow is important
46. Increased focus on growth and encourage nation's development
47. Sustain growth rate of 9% for a longer period. Farm sector growth at 4%
48. Union Finance Minsiter begins his speech. This is Pranab Mukherjee's 4th budget.
49. Cabinet approves Union Budget.
Thursday, July 2, 2009
CBDT defers UTN for the time being.
The CBDT has finally come out with a much awaited Press Release relating to the new TDS rules. .
Today, the CBDT has issued a Press Release in which it has been stated that the Notification No. 31 of 2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962 shall be kept in abeyance for the time being. The deferral probably was made as the platform for implementation of UTN was not ready.
The text of the Press Release is reproduced below for ready reference.
New Delhi dated 30th June 2009
PRESS RELEASE
The Central Board of Direct Taxes have further decided that the Notification No. 31 of 2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962 shall be kept in abeyance for the time being.
Taxpayers filing their income tax returns for assessment year (AY) 2009-10, or any other earlier AY, may continue to file their returns without mentioning the Unique Transaction Number (UTN) as required under the said Notification. The filing of such returns shall be treated as valid and in compliance to the requirements under section 139 of the Income Tax Act, 1961.
Further, the date from which the Notification No. 31 / 2009 shall become applicable on tax deducted at source (TDS) or tax collected at source (TCS) and deposited during the current financial year shall be notified by the Central Board of Direct Taxes subsequently.
All deductors / collectors of TDS / TCS may continue to deposit their TDS / TCS and file their quarterly TDS / TCS returns as per procedure existing prior to issuance of Notification No.31 / 2009 dated 25.3.2009.
Today, the CBDT has issued a Press Release in which it has been stated that the Notification No. 31 of 2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962 shall be kept in abeyance for the time being. The deferral probably was made as the platform for implementation of UTN was not ready.
The text of the Press Release is reproduced below for ready reference.
New Delhi dated 30th June 2009
PRESS RELEASE
The Central Board of Direct Taxes have further decided that the Notification No. 31 of 2009 dated 25.3.2009 amending or substituting Rules 30, 31, 31A and 31AA of the Income Tax Rules, 1962 shall be kept in abeyance for the time being.
Taxpayers filing their income tax returns for assessment year (AY) 2009-10, or any other earlier AY, may continue to file their returns without mentioning the Unique Transaction Number (UTN) as required under the said Notification. The filing of such returns shall be treated as valid and in compliance to the requirements under section 139 of the Income Tax Act, 1961.
Further, the date from which the Notification No. 31 / 2009 shall become applicable on tax deducted at source (TDS) or tax collected at source (TCS) and deposited during the current financial year shall be notified by the Central Board of Direct Taxes subsequently.
All deductors / collectors of TDS / TCS may continue to deposit their TDS / TCS and file their quarterly TDS / TCS returns as per procedure existing prior to issuance of Notification No.31 / 2009 dated 25.3.2009.
Subscribe to:
Posts (Atom)
Posts
