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
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