budget 2010

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sanjay

Associate professor

28 Points Posted on 02 March 2010

Finance minister Pranab Mukherjee presented Union Budget 2010-11 with total expenditure of Rs. 11,08,749 crores an increase of 8.6 percent over previous year.

Fiscal deficit of Rs, 3,81,481 crore of 5.5 percent of GDP.

Direct taxes

Positive for individual tax payer

Reduction in tax liability for individual by 50 percent for income up to 8 lakh with increase in slab rates, its good news for Individual tax payer.

Additional deduction of Rs. 20,000 for investment in long-term infrastructure bonds section 80CCF.

For corporates and business

Reduction in surcharge by 2.5 percent for domestic companies.

Increase in MAT by 3 percent.

Tax audit for turnover exceeding 60 lakh instead of earlier 40 lakh for business and 15 lakh for professions instead of earlier 10 lakh.

Indirect taxes

Roll back in Central excise duties on non- petroleum products from 8 percent to 10 percent.

Central excise on petrol and diesel enhanced by Re.1 per liter

Replies (2)

Vivek Angrish

Manager Finance & Accounts

320 Points Posted on 02 March 2010

But this budget is not good for about 2 Crores of individual tax payers falling in the slab rate of 1.6lac to 3 lacs as there is no change except that of additional deduction in investment of infrastructure bonds, whereas on the other hand, various new services have been added in service tax category and also the excise duty is increased to 10% in various items and also added central excise duty of Re.1/- per litre on petrol and diesel,l adding extra burden to the individual falling in the category of 1.6 Lac to 3 Lac