Highlights of Budget 2010-11

• Direct tax slabs: income upto 1.6 lakh = nil, 1.6-5 lakh = 10%, 5-8 lakh = 20%,above 8 lakh = 30%
• New tax rates would offer relief to 60 per cent of tax-payers
• Central Excise  duty on Petrol and diesel raised by Rs 1/litre.
• Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations.

• Govt to raise Rs 25,000 crore in FY'10 from PSU disinvestment.
• Double digit food inflation remains a concern.
• Direct subsidy from Fertilizers to farmers
• RBI considering banking licenses to Private Players
• Govt to extend interest subvention for timely repayment raised to 2%
• Farm credit target raised to Rs 3.75 lakh cr for FY'11
• Period of repayment of Farm loans waiver extended to June 30

• Rs 1.73 lakh cr allocated to Infrastructure. 
• Allocation of road infrastructure raised to Rs19,894 cr
• Allocation of Power sector Rs 5,130 cr
• Plan outlay for renewable energy raised to 1000 cr
• Govt to establish National Clean Energy Fund.
• Allocation to social sector Rs1.38 lakh cr
• Allocation of Rural Infrastructure Rs 66,000 cr
• Allocation on Health Rs 22,300cr
• Allocation for Bharat Nirman Scheme 48,000cr
• Allocation for NREGA Scheme Rs 41,000cr
• Allocation for Indira Awas Yogana Rs 19,000cr
• National social security fund for unorganised sector
• National social security fund to have a corpus of over Rs 1000cr
• Rs 5400cr for Urban Development
• Govt to contribute Rs 1000/month for Pension security
• Allocation of 1900cr for UID project
• Allocation of defense raised to Rs1.47 lakh crore

• Gross tax receipts seen at Rs 7.46 lakh cr FT 2011
• Fiscal deficit target of 5.5% by FY 2011
• No capital gains tax on conversion of a business entity into Limited Liability Partnership.
• Services taxes unchanged at 10%
• Direct tax slabs: income upto 1.6 lakh = nil, 1.6-5 lakh = 10%, 5-8 lakh = 20%,above 8 lakh = 30%
• Service tax to result in net revenue gain of Rs 3000cr
• Impose 4% duty on electric cars.
• Govt to raise excise duty on gold and silver. Govt to raise duty on gold imports to Rs 300/10 grams 
• Corp Min Alternate Tax up from 15 to 18%
• Rs 20,000 additional tax break for infra bonds.
• R and D Corp Tax break up to 200%
• Centralized Tax Centre at Bengaluru fully functional.
• Gross tax receipts Rs 7.46 lakh crore.
• Deferment of goods & service tax negative for corporates in FY10-11
• Direct tax to be implemented from April 1, 2011.
• Simple tax system with minimum exemptions near completion.

• Petrol and diesel prices will go up
• AC's , TV's, Refrigerators, prices will go up
• Cigarettes prices will increase.
• Cement price will go up.
• Cars price will go up
• Jewelery prices will go up
• Micro-ovens,  Mobile Phones, computers, CD's prices will come down.

Posted by Prasad on Friday, February 26, 2010. Filed under business, current affairs, national news . You can follow any responses to this entry through the RSS 2.0. Feel free to leave a response