best-short compilation of budget-2010by sudhir sir

Circulars 1119 views 3 replies

shailesh agarwal

professional accountant

7647 Points Posted on 27 February 2010

BUDGET -2010

HIGHLITES

-CA SUDHIR HALAKHANDI-

NEW INDIVIDUAL TAX RATES

AMOUNT	TAX RATE
UP TO RS. 1.60 LACS	NIL
OVER 1.60 LACS TO 5 LACS	10%
OVER 5 LACS TO 8 LACS	20%
OVER 8 LACS	30%

MAT HAS BEEN INCREASED TO 18 % (FROM 15%).
SURCHARGE WHEREVER APPICABLE REDUCED TO 7.5% FROM 10%.
TAX AUDIT LIMIT ENHANCED TO RS. 60 LAKHS FOR BUSINESS AND 15 LAKHS FOR PROFESSION.
ADDITIONAL DEDUCTION OF RS. 20000.00 WITH RESPECT TO INFRASTRUCTURE BONDS- IN ADITTION TO RS, 1 LAKH.
NEW VERSION OF SARAL- RETURN FORM FOR INDIVIDUAL.
EXCISE RATES INCREASED TO 10%.
SERVICE TAX RATE UNCHANGED- 10%.
TRANSPORTATION OF PULSES EXEMPTED UNDER GTA SERVICE – EXISTING EXEMPTONS FRUIT, VEGETABLE, MILK AND EGGS.

- AS COMPLIED FROM THE BUDGET SPEECH OF FINANCE MINISTER-

-REGARDS
CA SUDHIR HALAKHANDI
HALAKHANDI AND COMPANY
LAXMI MARKET
BEAWAR-305 901(RAJ)
PHONE-01462- 256856(O) 225656(R)
CELL- 098280 67256
e-Mail- sudhir @ halakhandi.com
Visit us- www.halakhandi.com

Replies (3)

C.Balaji

Learner

1867 Points Posted on 27 February 2010

Short and sweet.........good sir......

megha

Working

71 Points Posted on 08 March 2010

Overall deduction u/s 80C , 80CCC & 80CCD has also increased from 1,00,000 to 1,20,000 .

For claiming increased exemption over and above existing limit of Rs. 1,00,000/- , the individual has to be invested Rs. 20,000 in the long term infrastructure Bond as would be notified by central government .

TDS threshold limit has also been increased i.e

a) 194B ( winning from lottery) from Rs. 5000 to 10,000

b) 194 C ( Payments to Contractor ) from 20,000 to 30,000( in a single transaction )

c) 194 C (Payment to Contract) from 50,000 to 75,000( aggregate of transaction in a year)

d) 194D( Insurance ) from 5,000 to 20,000

e) 194H ( commission and brokerage ) from 2,500 to 5,000

f) 194I ( Rent ) from 1,20,000 to 1,80,000

g) 194J ( professional Fees )from 20,000 to 30,000