GENERAL:
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Economic crisis: "We have withered the global slowdown well," says FM.
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18.9% growth rate in manufacturing sector in 2009.
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Fiscal deficit pegged at 5.5%
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Hope to breach 10% mark in GDP in near future, says FM.
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Growth to exceed 7.2% in this fiscal, says FM.
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General Sales Tax and Direct Tax Code can be introduced in April 2011
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Gradual phasing out of stimulus, says FM.
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Govt to set up apex level Financial Stability and Development Council
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RBI to release additional licenses to pvt sector banks and non-banking financial institutions
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Repayment tenure for farmer loans extended by 6 months to June 30th 2011
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Delhi-Mumbai industrial corridor taken up for development
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Govt to raise Rs 25000 cr through Disinvestment
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Technology advisory group to be set up under Nandan Nilekani. UID authority given Rs 1900 cr
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Allocation to Defence over Rs 147,000 crore
DIRECT TAX:
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Direct tax code will be implemented from April 1, 2011
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I-T dept to notify simple two-page Saral 2 form for individuals for current year
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Direct Tax proposals to give loss of Rs 26,000 cr; Indirect Tax to yield gain of Rs 45,000 cr
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No change in Corporate Tax
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Minimum Alternate Tax up from 15% to 18% on book profits
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Reduced Surcharge of 10% on domestic companies to 7.5%
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Professionals with Rs 15 lakh income need accounts audit
Personal Taxation:
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Income up to Rs 1.60 lakh: NIL tax
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Income between Rs 1.60-5 lakh: Tax at 10%
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Income between 5-8 lakh: Tax at 20%
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Income above Rs 8 lakh: Tax at 30%
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Minimum Tax Exemption limit for Senior Citizens and Women remains unchanged; i.e. Rs. 2,40,000 and Rs. 1,90,000 respectively.
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Additional Rs 20,000 deduction made available for investment in Infrastructure Bonds. This is above Rs. 1,00,000 80C exemption
INDIRECT TAX:
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Service Tax rates unchanged at 10%, to bring more services under service tax
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Duties on smoking and non-smoking tobacco products up
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Peak excise duty hiked from 8% to 10%
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Peak customs duty remains unchanged at 10%
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Rs 1 per litre excise on petrol, diesel
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Full excise cut on electric cars
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Partial rollback of excise duty on cement
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Agricultural seeds exempt from Service Tax
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News agencies exempt from Service Tax
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Service tax to GDP ratio is 1%
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Customs duty on gold, platinum imports raised to Rs 300 from Rs 200
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Import duty on silver raised to Rs 1500 per kg
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