and, here is FINE PRINT of budget

https://indiabudget.nic.in/ub2010-11/ubmain.htm

Gross tax receipts: Rs 7.46 lakh cr

Fiscal deficit to be brought down to 4.8% this year

09-10 fiscal deficit revised to 6.9%

aim to implement GST & Direct Tax Code by April 1, 2011

Gross non- tax receipts at Rs 1,48,118cr

FY11 capital for PSU Banks at Rs 16,500 crore to meet CAR targets

NBFCs could be considered for banking license & pvt. players

Bank for every village with population of 2,000

DIRECT TAX PROPOSALS

No income tax upto Rs 1.6 lakh

10% income tax on Rs 1.6 - Rs 5 lakh

20% income tax on Rs 5 - Rs 8 lakh

30% income tax on Rs 8 lakh and above

Rs 20,000 additional tax break for infra bonds

Surcharge for companies reduced to 7.5% from 10%

Corp Min Alternate Tax up from 15 to 18%

R&D Corp Tax break up to 200%

Direct tax receipts to fall by Rs 56,000 cr

AUDIT

INDIRECT TAX PROPOSALS

Standard excise rate up from 8 to 10%

Large cars, SUVs excise up to 22% from 20%

Stimulus-led excise duty rollback partially reversed

Peak excise duty increased

To levy excise duty of Re 1 on petrol

5% import duty on crude petroleum restored

Partial rollback of excise duty on cement, cement products

Excise on cigars, cigarettes to go up

Increased excise duty on all non-smoking tobacco

Rs 50/t cess on Indian coal

Excise duty on CFL & LED lights cut to 4%

SARAL FORM-2(ONLY 2 PAGES)

SERVICE TAX & MORE

Excise revenues up, to grow Rs 43,500 cr

Service tax unchanged at 10%, to maintain stimulus

To waive excise duty on solar panels

Not to levy import tax on some equipment in road projects

Fresh services to be brought under service tax

Service tax to GDP ratio 1%

FY11 net service tax gains seen at Rs 3,000 cr

Excise on locally refined gold at Rs 280/gram

Basic customs duty on gold ore reduced

Net rev gain of Rs 43,500 crore from custom, excise proposals

Rs 2,500 crore net revenue gain for FY11

THATS IT

PM Manmohan Singh rates it as balanced and good budget. I also think the same.

SENSEX UP over 350 points.

WHAT's ur take???

and FINALLY, here is whole of budget

https://indiabudget.nic.in/ub2010-11/ubmain.htm

Thanks Mr Satvir Singh for the information shared on Budgets

Budget Highlight 2010-2011

Finance Minister Pranab Mukherjee presented the Union Budget 2010-11 in parliament on Friday. Has he lived up to the expectations of the taxpayers? Is it a populist Budget? Will it also help India to grow? To find out read on..

Highlights...

• FM prunes tax rates: 
  Income up to Rs 1.6 lakh - nil Income above Rs 1.6 lakh and up to Rs 5 lakh - 10 per cent 
  Income above Rs 5 lakh and up to Rs 8 lakh - 20 per cent 
  Income above Rs 8 lakh - 30 per cent.
• Income Tax department ready with two-page Saral-2 return forms for individual salaried assesses.
• New tax rates would offer relief to 60 per cent of tax-payers.
• Government's net borrowing to be Rs 3,45,010 crore for 2010-11.
• Additional deduction of Rs 20,000 allowed on long term infrastructure bonds for income tax payers; this is above Rs one lakh on saving instruments allowed already.
• A unique identity symbol would be provided to the Indian Rupee in line with US Dollar, British Pound Sterling, Euro and Japanese Yen.
• Fiscal deficit seen at 4.8 per cent and 4.1 per cent in 2011-12 and 2012-13 respectively.
• Total expenditure pegged at Rs 11.8 lakh crore, an increase of 8.6 per cent.
• Gross tax receipts pegged at Rs 7,46,656 crore for 2010-11, non-tax revenues at Rs 1,48,118 crore.
• FM appeals to "misguided elements" (left wing extremists) to eschew violence and join the mainstream.
• Planning Commission to prepare integrated action plan for Naxal-affected areas.
• Defence allocation pegged at Rs 1,47,344 crore in 2010-11 against Rs 1,41,703 crore in the previous year. Of this, capital expenditure would account for Rs 60,000 crore.
• Fiscal deficit pegged at 6.9 per cent in 2009-10 as against 7.8 per cent in the previous fiscal.
• Finance Minister to continue giving cash subsidy for fuel and fertiliser instead of previous practice of bonds.
• Non-plan expenditure pegged at Rs 37,392 crore and Plan expenditure at Rs 7,35,657 crore in budget estimates. 15 per cent increase in plan expenditure and six per cent in non-plan expenditure.
• Rs 1,900 crore allocated for Unique Identification Authority of India.
• Rs 1,73,552 crore provided for infrastructure.
• Need to take firm view on opening up of the retail.
• Government committed to ensure continued growth of Special Economic Zones development.
• Repayment of loan by farmers extended by six months to June 30, 2010 in view of drought and floods in some part of the country.
• One-time grant of Rs 200 crore provided to Tirupur textile cluster in Tamil Nadu.
• Allocation for new and renewable energy ministry.
• Clean Energy Fund to be created for research in new energy sources.
• Rs 500 crore allocated for solar and hydro projects for Ladakh region.
• Alternative port to be developed at Sagar Island in West Bengal.
• Allocation for National Ganga River Basin Authority doubled to Rs 500 crore.
• Government for competitive bidding for coal blocks for captive power plants.
• Mega power plant policy modified to lower cost of generation; allocation to power sector more than doubled to Rs 5,130 crore in 2010-11.
• Government proposes to set Coal Development Regulatory Authority.
• Propose to maintain thrust of upgrading infrastructure in rural and urban areas. IIFCL authorised to refinance infrastructure projects.
• Interest subvention for timely repayment of crop loans raised from one per cent to two per cent, bringing the effective rate of interest to five per cent.
• Bottleneck of public delivery mechanism can hold us back.
• Rs 200 crore provided for climate resilient agriculture initiative.
• Government to provide Rs 16,500 crore to public sector banks to maintain tier-I capital.

Prev     Next

• Allocation for women and child development hiked by 80 per cent.
• Government decides to set up National Social Security
• Fund with initial allocation of Rs 1000 crore to provide social security to workers in unorganised sector.
• Rs 1,270 crore provided for slum development programme, marking an increase of 700 per cent.
• Allocation for development of micro and small scale sector raised from Rs 1,794 crore to Rs 2,400 crore.
• One per cent interest subvention loan for houses costing up to Rs 20 lakh extended to March 31, 2011; Rs 700 crore provided.
• 25 per cent of plan outlay earmarked for rural infrastructure development
• Road transport allocation raised by 13 per cent to Rs 19,894 crore, says FM.
• Allocation for urban development increased by 75 per cent to Rs 5,400 crore in 2010-11.
• Indira Awas Yojana scheme's unit cost raised to Rs 45,000 in plain area and Rs 48,500 in hilly areas.
• Allocation for NREGA stepped up to Rs 40,100 crore in 2010-11.
• For rural development, Rs 66,100 crore have been allocated.
• Plan allocation for health and family welfare increased to Rs 22,300 crore from Rs 19,534 crore.
• Plan allocation for school education raised from Rs 26,800 crore to Rs 31,036 crore in 2010-11.
• Deficit in foodgrains storage capacity to be met by private sector participation.
• Exclusive skill development programme to be launched for textile and garment sector employees.
• Plan allocation for Ministry of Minority Affairs raised from Rs 1,740 crore to Rs 2,600 crore.
• Plan outlay for Ministry of Social Justice raised by 80 per cent to Rs 4,500 crore.
• Government to contribute Rs 1,000 per year to each account holder
• Finance Minister says Government hopes to implement direct tax code from April 2011.
• Kirit Parekh report on fuel price deregulation will be taken up by Oil Minister Murli Deora in due course.
• Government has decided to set up apex-level Financial Stability and Development Council.
• FDI inflows steady during the year. Government has taken series of steps to simplify FDI regime
• Market capitalisation of five PSUs listed since October increased by 3.5 times.
• Nutrient based fertiliser subsidy scheme to come into force from April 1, 2010.
• Nutrient based fertiliser subsidy scheme to come into force from April 1, 2010.
• Earnest endeavour to implement General Sales Tax in April 2011.
• Status paper on public debt within six months.
• Government will raise Rs 25,000 crore from disinvestment of its stake in state-owned firms.
• Government to provide Rs 300 crore to organise 60,000 pulse and oilseed villages and provide integrated intervention of watershed and related programme.
• Government to continue interest subvention of 2 per cent for one more year for exports covering handicrafts, carpets, handlooms and small and medium enterprises.
• Government intends to make FDI policy user friendly by compling all guidelines into one document.
• RBI considering some additional banking licenses to private companies, NBFC will also be considered if they meet criteria.
• Export in January encouraging.
• Need to review the public spending and mobilize resources.
• FM stresses on the need to make growth more broad-based.
• Need to ensure that the demand-supply imbalance is managed.
• Need to review stimulus imparted to economy.
• Government conscious of the situation of price rise and taking steps to tackle it.
• Erratic monsoon and drought-like conditions forced supply side bottleneck that fuelled inflation.
• Double digit food inflation last year due to bad monsoon and drought-like conditions.
• Figures for merchandise exports for January encouraging after turnaround in November and December last. 
  Govt to raise Rs 25,000 cr this year to meet cap expenditure requirements
• GST and DTC can be introduced in April 2011
• Direct tax code will be implemented April 1, 2011
• Final figure may be higher if earnings in last quarters are strong
• 18.9% growth rate in manufacturing sector in 2009
• Concerned over emergence of double digit food inflation
• Export figures encouraging; pvt investments can be expected
• Double digit food inflation in 2009
• Need to review stimulus, move to fiscal consolidation
• Signs of food inflation going to non-food items
• Steps to reduce public debt, paper to be presented in 6 months
• 1st challenge: quickly revert to higher GDP growth path of 9%, cross double digit growth
• 2nd challnge: harden economic growth to make dev more inclusive
• 3rd challenge: relates to problems in government system
• Focus shifts to non-governmental actors
• Uncertainity was there on account of delay in monsoon, concerns about production and food prices.
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