Income Tax India

Budget 2010: Highlights
The Finance Minister Shri Pranab Mukherjee Lays Emphasis On Consolidated Growth, Improving Investment Environment, Inclusive Development And Strengthening Transparency And Public Accountability In Budget 2010-11.
The Total Expenditure Proposed In The Budget Estimates Is Rs.11,08,749 Crore, An Increase Of 8.6% Over Last Year.
Central Excise On Petrol & Diesel Raised By Rs. One Per Litre
The Plan And Non-Plan Expenditure Estimated At Rs.3,73,092 Crore And Rs.7,35,657 Crore Respectively, An Increase Of 15 Percent In Plan Expenditure And 6% In Non-Plan Expenditure Over The Be Of Previous Year.
Major Tax Relief To Agriculture & Related Sectors
Mahila Kisan Sashaktikaran Pariyojna With A Provision Of Rs.100 Crore Launched
National Mission For Delivery Of Justice And Legal Reforms To Be Set Up To Provide Timely Justice To All
Allocation For Defence Increased To Rs.1,47,344 Crore
80% Increase In The Allocation For Ministry Of Social Justice & Empowerment At Rs 4,500 Crore.
Project Import Status For The Setting Up Of Cold Storages
Scientified Inputs For Orthopaedic Implants Exempted From Import Duty
Fiscal Deficit At 5.5% Of GDP Works Out To Be Rs. 3,81,408 Crore.
Spending On Social Sector To Account For 37% Of Total Plan Outlay At Rs.1,37,674 Crore
Rate Reduction In Central Excise Duties Partially Rolled Back Ad Valorem On Non Petro Products & Cars Increased By 2%
To Rewrite And Clean Up The Financial Sector Laws, Financial Sector Legislative Reforms Commission To Be Set Up
Rolling Targets For Fiscal Deficit Pegged At 4.8% And 4.1% For 2011-12 And 2012-13
Net Market Borrowing Would Be Of The Order Of Rs. 3,45,010 Crore Leaving Enough Space To Meet Credit Needs Of Private Sector
Against A Fiscal Deficit Of 7.8% In 2008-09, Inclusive Of Oil And Fertilizer Bonds, The Comparable Fiscal Deficit Is 6.9% As Per Re 2009-10
Gross Tax Receipts Estimated At Rs.7,46,651 Crore And Non-Tax Receipt Estimated At Rs. 1,48,118 Crore
Status Paper Giving Road Map For Curtailing The Overall Public Debt To Be Brought Out Within 6 Months
About Rs. 25,000 Crores To Be Raised Through Disinvestment Programme
Limit Of Turnover For Presumptive Taxation Of Small Business Enhanced To Rs. 60 Lakh
To Simplify The FDI Regime, For The First Time Both Ownership & Control Recognized As Central To The FDI Policy
Rs. 16,500 Crore To Be Provided To Public Sector Banks To Achieve A Minimum 8% Tier-I
Growth Of 127% Recorded In Exports From Sezs Till December, 2009
A Four-Pronged Strategy To Spur The Growth In Agriculture Sector Envisaged. Which Includes Agricultural Production, Reduction In Wastage Of Produce, Credit Support To Farmers And Thrust To The Food Processing Sector
Agriculture Credit Flow Target Raised To Rs. 3,75,000 Crore From Rs.3,25,000 Crore
Subvention For Timely Repayment Of Crop Loan Increased From 1% To 2%
Infrastructure Development Gets An Allocation Of Rs. 1,73,552 Crore, 46 % Of Total Plan Allocation, An Increase Of 13% In Road Transport Sector.
India Infrastructure Finance Company Limited's Disbursements To Reach Rs. 20,000 Crore By March 2011
Allocation For Power Sector Increased By More Than Doubled To Rs. 5,130 Crore
Allocation For Rural Development Enhanced To Rs.66,100 Crores. Allocation For Nrega Stepped Up To 40,100 Crore
New Tax Incentives Announced For Infrastructure Sector
National Clear Energy Fund For Funding Research And Innovative Projects In Clean Energy Technologies To Be Set Up
Service Tax Retained At 10%
Accredited News Agencies Which Provides News Feed Online Exempted From Service Tax
Income Tax Slabs Broadened - 10% On Income Above Rs 1.6 Lakh To 5.00 Lakh, 20% On Income Above 5.Oo Lakh To 8.00 Lakh, 30% On Above Rs. 8.00 Lakh
Additional Deduction Of Rs. 20,000 For Investment In Infrastructure Bonds
Service Tax Proposals To Result In Net Revenue Gain Of Rs.3,000 Crore
Special Duty Concessions To Promote Clean Environment Clean Energy Cess @ Rs. 50 Per Tonne On Coal
Rs. 48,000 Crore Allocated For Bharat Nirman Programme
Rajiv Awas Yojna For Slum Dwellers And Urban Poor To Get Rs. 1,270 Crore, An Increase Of Over 700%
Saral –II For Individual salary Taxpayers Ready For Notification
Micro-Wave Ovens, Pre-Packaged Imported Goods, Mobile Phones, Watches, Readymade Garments, Toy Baloons, Long Pepper, Replaceable Household Water Filter To Be Cheaper
Proposal Of Direct Tax To Result In Revenue Loss Of Rs. 26,000 Crore Where As Indirect Taxes To Result In A Revenue Gain Of Rs. 46,500 Crore.
Minority Affairs To Get Rs.2,600 Crore, An Increase Of 50%.
Infotainmet Sector To Benefit From Concessional Custom Duty
Uniform Basic Duty Of 5% And Cvd Of 4% On Import Of Medical Equipment.
National Social Security Fund for Unorganized Sector Workers To Be Set Up With An Initial Amount Of Rs. 1,000 Crore
Backward Region Grant Fund Allocation Enhanced To Rs. 7,300 Crore
Weighted Deduction Non Expenditure Incurred On In-House R&D From 150% To 200%
Surcharge Of 10% On Domestic Companies Reduced To 7.5%
Indian Rupee To Get A Symbol, Join The Select Club Of Currencies
Limits Of Turnover Needing Audit Enhanced To 60 Lakh For Businesses And Rs. 15 Lakh For Professions