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Saturday, February 27, 2010

Highlights of 2010 budget

Ø · 30% tax on income above Rs 8 lacs
Ø · 20% tax on income between Rs 5 lacs to 8 lacs
Ø · 10% tax on income between Rs 1.6 lacs to 5 lacs
Ø · Uproar in Parliament over hike in fuel prices
Ø · Excise on all non smoking tobacco raised
Ø · 7.5% duty on petrol and diesel restored
Ø · 5% duty on crude petroleum restored
Ø · Fuel prices likely to go up
Ø · Excise duty on petrol and diesel raised to Rs 1/litre
Ø · Cigarettes to be costlier
Ø · Excise on large cars, SUVs, MUV raised to 22%
Ø · Partial rollback in Excise Duty from 10% to 8%
Ø · Excise on large cars, SUVs, MUV raised to 22%
Ø · Presumptive tax limit raised to Rs 60 lacs
Ø · Investment linked deduction benefit for 2 Star hotels
Ø · Deduction of Rs 20000 on investment in infra bonds
Ø · Weighted deduction on R&D raised to 200% from 150%
Ø · No tax on Income up to Rs 1.6 lacs
Ø · Current surcharge on companies reduced to 7.5%
Ø · Minimum Alternate tax hiked to 18%
Ø · IT tax slabs broadened
Ø · IT dept to notify Saral 2 form for individual tax payers
Ø · IT exemption limit enhanced, surcharge withdrawn
Ø · FY11 net market borrowings pegged at Rs 3.45 lac Crs
Ø · 20 Kms of highway to be constructed everyday
Ø · FY10 budget deficit seen at 6.9% of GDP
Ø · FY12 fiscal deficit target at 4.8%
Ø · FY13 fiscal deficit target at 4.1%
Ø · More than 50% increase in funds for minority welfare
Ø · Fiscal deficit target of 5.5% in FY11
Ø · 15% rise in planned expenditure
Ø · Govt to set up National Mission for delivery of justice
Ø · Gross tax receipts Rs 7.46 lac Crs
Ø · Defence capex raised to Rs 60000 Crs
Ø · Allocation to defense raised to Rs 1.47 lac Crs
Ø · Pvt sector to meet food grain storage deficit
Ø · Rs 100 Cr woman farmer fund scheme
Ø · Rs 1900 Crs allocated for UID project
Ø · Skill development programme for textile sector
Ø · Home loans up to Rs 20 lacs to get interest subvention of 1% up to March 11
Ø · Government to contribute Rs 1000 per month for pension security
Ø · Rs 5400 Crs allocated for urban development
Ø · Rs 66100 Crs allocated for rural development
Ø · Rs 2400 Crs allocated for MSMEs
Ø · Social Security Fund to have corpus of over Rs 1000 Crs
Ø · National Social Security fund for unorganized workers
Ø · Interest subvention for housing loans up to 1 lacs
Ø · Rs 10,000 Crs allocated for Indira Awas Yojna
Ø · Rs 1200 Crs assistance for drought in Bundelkhand
Ø · Rs 48000 Crs for Bharat Nirman
Ø · NREGA scheme allocation raised to Rs 41000 Crs
Ø · Allocation to health Rs 22,300 Crs
Ø · 25% of plan allocation for rural infrastructure
Ø · Social sector spending seen at Rs 1.38 lakh Crs
Ø · Allocation for school education up from Rs 26800 Crs to Rs 31036 Crs
Ø · Allocation to power sector at Rs 5130 Crs
Ø · Rs 200 Crs for Tamilnadu textile sector
Ø · One time grant for Tirupur exports
Ø · Draft food security Bill ready
Ø · Clean energy fund to be established
Ø · Allotment for renewable energy hiked by 61%
Ø · Coal regulatory authority to be set up
Ø · Road development hiked to Rs 19894 Crs
Ø · Rs 1.73 lakh Crs, which is 46% of total plan outlay, reserved for infrastructure development
Ø · 2% loan subsidy to farmers
Ø · Farm credit targets to be increased to Rs 3.75 lakh Crs
Ø · Farm loan payments to be extended for six months
Ø · Interest subvention of 2% to be extended for handicrafts and SMEs
Ø · Rs 300 Crs for agricultural impetus
Ø · Additional Rs 1,65,000 Crs for bank re-capitalisation
Ø · Interest subvention for exports to extended for one year
Ø · RBI may give banking licenses to Pvt cos and NBFCs
Ø · FDI policy to be made more user-friendly
Ø · To discuss Kirit Parikh report in due course
Ø · Fertiliser subsidy to be reduced
Ø · Divestment target of Rs 25,000 Crs
Ø · GST to be implemented from 2011
Ø · Hope to implement Direct Tax Code from April 2011
Ø · Calibrated exit strategy for fiscal stimulus
Ø · Need to review stimulus, go back to fiscal prudence
Ø · Significant private investment inflow expected to boost GDP
Ø · Economy can achieve GDP growth of 10%
Ø · India faces a challenge of reverting to double digit growth
Ø · FY 2009-10 was a challenging year
Ø · Need to improve food security and healthcare systems