LIVE GST Certification Course by CA Arun Chhajer begins 21st April. Register Now!!

BUDGET 2010-DISCUSS

C.A. Sanjay Bhatia (CA) (496 Points)

26 February 2010

DISCUSS UNION BUDGET 2010,VARIOUS PLANS AND FINANCES

Reply
Follow
Share

12 Replies

CA Pradeep Gupta (CA) (155 Points)
Replied 26 February 2010

CURRENTLY ONLY RURAL DEVOLOPMENT PLANS ARE ANNOUCED,WHAT ABOUT DIRECT TAXES

Abitha (Student) (22 Points)
Replied 26 February 2010

DTC will be put into force from 1/4/11

rangaswamy .d.r (articleship) (35 Points)
Replied 26 February 2010

pranab ji awarded earlier as best finance minister in the world ......in indira gandhi period

C.A. Sanjay Bhatia (CA) (496 Points)
Replied 26 February 2010

Union Budget 2010: Peak excise duty increased, a negative for auto, steel and cement companies,

C.A. Sanjay Bhatia (CA) (496 Points)
Replied 26 February 2010

No tax on income up to Rs 1.6 lakh, 10% tax on income of Rs 1.6 lakh upto Rs 5 lakh, 20% on income of Rs 5 lakh upto 8 lakh and 30% on income above Rs 8 lakh

Ramana (Student) (74 Points)
Replied 26 February 2010

SERVICE TAX RETAINED AT 10%

THRESHOLD LIMIT:

UPTO 1,00,000/- NIL

1,00,000/- TO 5,00,000/- 10%

5,00,000/- TO 8,00,000/- 20%

8,00,000/- AND ABOVE 30/-

Alex Sharma (CA & ICWA Final student; CS & CFA completed) (194 Points)
Replied 26 February 2010

Tax for Male junior citizens & Female junior citizens.............same?????

CA Deepak Joshi (TaxTalk) (178 Points)
Replied 26 February 2010

/forum/aam-aadmi-budget-i-dont-think-so--70986.asp

!!!

CA kuldeep kothari (own practice) (375 Points)
Replied 26 February 2010

no it was nt pranab da it was mms ji who was awarded as best finance minister of world in 1995

CA. Shiburaj K (Chartered Accountant) (105 Points)
Replied 26 February 2010

Dear Murthy

THRESHOLD LIMIT is :

UPTO 1,60,000/- NIL....

CA. Shiburaj K (Chartered Accountant) (105 Points)
Replied 26 February 2010

New Siplified Saral 2 forms for Salaried Employees,

Additional Rs.20000 as Deduction on Infrastructure Bonds u/s 80C,

MAT from 15% to 18%,

No Capital Gain Tax on conversion to LLPs,

Surcharge of Corporates reduced to 7.5% from 10%.

Interest on TDS (late payment) is now 18% (earlier 12% pa)

CA Kingsley (Audit Manager) (470 Points)
Replied 27 February 2010

The following are my opinion

1. I feel that Direct tax regime is begining to die. They have shifted interest from Direct tax to Indirect tax because collection in direct tax is very difficult than Indirect tax. Our Indirect tax teacher said that future of Tax practitioner lies in Indirect taxes because Indirect tax collection is all set to over take direct tax collection. This is evident 4m fact of increase in indirect tax + introduction of new taxable services and reduction in direct tax liablity for individuals.

2. It is sin to be poor. Rich becomes richer & richest, poor becomes poorer and poorest

3. 1.4.2011 is going to bring substantial challenges to CA's and going to kill CA students esp who are multiple attempt candidates because IFRS convergence, introduction of Direct tax code, introduction of Goods & service tax and mandatory application of AS 30,31 & 32 all takes place wef 1.4.2011.