Televisions to be costlier
Mobile phones to become cheaper
Peak customs duty unchanged at 10%
Cement to be costlier
Air conditioners to be costlier
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UNION BUDGET HIGHLIGHTS 10-11 - MUST WATCH
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Televisions to be costlier
Mobile phones to become cheaper
Peak customs duty unchanged at 10%
Cement to be costlier
Air conditioners to be costlier
Income tax Slab
1. 1,60,000 to 5,00,000 @ 10%
2. 5,00,000 to 8,00,000 @ 20%
3.8,00,000 and Above @ 30%
Mat increased from 15 % to 18%
Cess on Domestic & imported coal of Rs50/ton
Direct tax receipts to fall by Rs 56,000 cr
- Rationalisation of customs duty on gaming software
- Toys exempted from excise duty, to become cheaper
- Jewellery to be more expensive
- Monorail granted project import status
- CDs to be cheaper
- Excise duty on CFL halved to 4%
- Customs duty on Gold and Platinum hiked
Service tax retained at 10%
Customs duty on gold to be reduced; silver at Rs 1500/kg
Excise duty on petrol and diesel raised to Rs 1/litre
Service tax to result in net revenue gain of Rs 3000 cr
- Sens*x surges over 350 pts on direct tax sops
- BSE real estate index extends gains to 3% on sops to developers
- 12.30am: Markets responds positively, Sens*x up 300 pts
Service tax unchanged at 10%
Account auditing for all income above Rs 15 lacs (professional incomes)
- Fresh services to be brought under service tax
- Service tax to GDP ratio 1%
- Service tax to result in net revenue gain of Rs 3000 cr
- Customs duty on silver at Rs 1500/kg
- Custom duty on gold to be reduced
- Mobile phones to be cheaper
- No capital gains tax on conversion of a business entity into Limited Liability Partnership
- To encourage manufacture of accessories such as battery chargers and hands-free sets, the concessions will be extended the mobile phone sector
- 5% customs duty on crude petroleum back
- Peak customs duty unchanged at 10%
- FM raises central excise duty on all non-petroleum products from 8 to 10 per cent
- Revenue loss of Rs 26,000 crore on direct tax proposals
- Stimulus-led excise duty rollback partially reversed
- FM allows housing projects to complete projects in 5 years instead of 4 years to avail tax break
- One-time interim relief to housing and real estate sector
- Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations of their accounts
- Uproar in Parliament over petrol price rise
- To levy excise duty of Re 1/litre on petrol
- New tax rates would offer relief to 60 per cent of tax-payers
- CET on petroproducts hiked by Re 1
- Direct tax receipts to fall by Rs 56,000 cr
- Standard excise rate up from 8 to 10%
- Large cars, SUVs excise up to 22% from 20%
- Sops for real estate, housing projects extended by a year
- Partial roll back the rate reduction in central excise
- Direct tax scheme to result in revenue loss of Rs 26,000 cr
- Compliance burden reduced on professionals and entrepreneurs
- Corporate tax surcharge down from 10 to 7.5%
- New income tax slabs will bring relief to the middle class
- Rs 20,000 additional tax break for infra bonds
- Minimum Alternate Tax hiked to 18%
- R&D allocation increased 200%
- To unveil new Saral 2 form for salaried individuals in two pages
- Deduction of additional 10% for investment on infrastructure bonds
- Tax slabs: Broadening 1.6 lakh - Nil above 1.6 lakh-up to 5 lakh 10%
- 5-8 lakh- 20% above 8 lakh- 30%
- Tax paying interface to be de-cluttered
- States to be offered assistance to computerise commercial taxes
- Greater transparency in tax administration targeted
- Centralized Tax Centre at Bengaluru fully functional
- Fiscal deficit at 5.5% for FY'11
- Rolling target for fiscal deficit 4.2%
- Gross tax receipts at Rs 7.46 lakh cr
- New symbol for Indian Rupee
- Tech advisor group under Nandan Nilekani
- Allocation for development of micro and small scale sector raised from Rs 1,794 cr to Rs 2,400 cr
- Rs 2,600 cr for Minority Affairs Ministry
- To create 50 cr skilled workers by 2022
- Rs 1,900 cr to UID authority allocated
- First set of UID to be issued by this year
- Rs 19,484 cr allocated for road development, to build 20 km of highway every day
- Subsidy for affordable housing extended
- Skill development programme for textile and garment sector
- Pvt sector to meet deficit in grain storage
- 50% increase in women & child development allocation
- Development of rural infra remains high priority area
- Power sector allocation doubled to Rs 5130 cr
- Rs 400 cr corpus for micro-finance scheme
- National pension scheme allocation increased
- States to get Rs 3,675 crore for primary education at rural level
- Rs 400 cr corpus for micro-finance scheme
- NREGA allocation to Rs 40,100 crore
- National Social Security fund to be set up for unorganized sector
- Urban Development allocation to be raised by 75 per cent
- 20,000 mw of solar power by 2022
- Rural development allocation to Rs 61,000 cr
- Indira Awaas Yojana allocation raised in proportion to plain and hill area housing
- Development of rural infra remains high priority area
- Social sector spending at Rs 1.38 lakh cr for FY11
- Rs 500 cr for Clean Ganga Mission
- Rs 66, 100 cr for rural development in FY10-11
- Allocation for school education up from Rs 26, 800 crore to Rs 31, 036 cr
- Rs 22, 300 crore allocated for Health Ministry
- Coal regulatory authority proposed
- Rs 300 cr for Rashtriya Krishi Vikas Yojana
- Bank farm loan target: Rs 3.75 lakh crore
- Rs 200 cr To Tamil Nadu for textiles
- Need to take firm view on opening up of the retail sector
- National clean Energy Fund to be set up
- Rs 200 crore to Goa as a special golden jubilee package to restore beaches and increase green cover
- To provide 2% loan subsidy to farmers
- Extend loan payment by calamity hit farmers
- Rs 400cr for four-part strategy for agriculture
- 2% interest subvention for exports extended
- Additional banking licenses for pvt players
- 4 pronged strategy for agriculture
- Rs 16,500 cr capital support for PSU banks
- Will consider Parikh report on fuel pricing
- Goods and services tax to be introduced in 2011
- Fertiliser subsidy to be reduced
- GDP growth for FY'10 is seen at 7.2 pc
- Rs 25,000 cr disinvestment target this year
- India weathered economic crisis well
- Direct tax code to be implemented from April 1, 2011
- Gradual phasing out of economic stimulus
- Pvt investment can sustain 9 pc growth
- First challenge: Return to GDP growth
- Manufacturing growth highest in the past 2 years
- Indian economy is in a far better position today
- FM is expected to simplify tax laws in 2010
- Biggest challenge is to make the growth all inclusive
- Need to strengthen food security
- Pranab: Indian economy has stood through the test of time
- Economic growth slows down to 6 pc in Q3
- Finance Minister presents Budget 2010
- Pranab Mukherjee presents his 5th Union Budget
- Finance Minister Pranab Mukherjee reaches Parliament
- Inflation is forecast to reach 10 percent in coming weeks
- Government borrowing was forecast to rise by another 2.2 percent
- Economists forecast India may cut its fiscal deposit to 5.6% of GDP
Service tax to result in net revenue gain of Rs 3000 cr
Customs duty on silver at Rs 1500/kg
Custom duty on gold to be reduced
Gold, silver import duty raised
- More services to be brought under service tax net
- Service tax to result in net revenue gain of Rs 3000cr
- Customs duty on gold to be reduced; silver at Rs 1500/kg
- Uniform concessional duty of 5% on all medical appliances
- Rationalising of customs on gaming software
- Custom duty of one of the key component of microwave oven reduced
- Peak customs duty unchanged at 10%
- Custom duty for importing of duplication of prints of films revised
- No capital gains tax on conversion of a business entity into Limited Liability Partnership
- Businesses up to Rs 60 lakh and professionals up to Rs 15 lakh to be exempted from auditing obligations
- Nominal duty of 4% electric cars
- Partial rollback of excise duty on cement, cement products, large cars
- To levy excise duty of Re 1/litre on petrol
- R&D Corp Tax break up to 200%
- Direct tax receipts to fall by Rs 56,000 cr
- Pilot project for tax grievances extended to 4 cities
- Direct tax scheme to result in revenue loss of Rs 26,000cr
- Corporate tax surcharge down from 10 to 7.5%
- Rs 20,000 additional tax break for infra bonds
- Corp Min Alternate Tax up from 15 to 18%
- New tax rates would offer relief to 60 per cent of tax-payers
- Direct tax slabs: income upto 1.6 lakh = nil, 1.6-5 lakh = 10%, 5-8 lakh = 20%,
- above 8 lakh = 30%
- Centralized Tax Centre at Bengaluru fully functional
- Gross tax receipts Rs 7.46 lakh crore
- Deferment of goods & service tax negative for corporates in FY10-11
- Direct tax to be implemented from April 1, 2011
- Simple tax system with minimum exemptions near completion
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