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UNION BUDGET HIGHLIGHTS 10-11 - MUST WATCH

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Student
408 Points Posted on 26 February 2010
Opposition walks out of Parliament over petrol price hike Petrol prices to go up 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
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On 26 February 2010 at 12:51
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student
51 Points Posted on 26 February 2010

1.Kasab's jail cell cost Rs.5.2cr

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On 26 February 2010 at 12:53
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CA FINAL
622 Points Posted on 26 February 2010

 

  • Gold gets cheaper
  • Petrol, Diesel to be expensive
  • Mobile phones to be cheaper
  • Large cars, SUVs to cost more
  • Petro products, cigarettes to be expensive
  • Fertilisers to be costlier after the reduction in subsidy
  • High fuel prices added to inflation: Pranab
  • Pranab Mukherjee said the govt would initiate action to bridge the gap between wholesale and retail prices.
  • Govt promises to tackle food inflation in budget
  • Calls for fiscal discipline have gained urgency as inflation is forecast by some economists to reach 10 percent in coming weeks as high food prices fuel broader inflation expectations.
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On 26 February 2010 at 12:54
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Chartered Accountant
935 Points Posted on 26 February 2010

 


Budget Flashes
 
 
12:45  Excise on locally refined gold at Rs 280/gram
12:45  Basic customs duty on gold ore reduced
12:45  5% duty, project import status for MSOs
12:43  Not to levy import tax on some equipment in road proj
12:42  Uniform, concessional 5% duty on all medical appliances
12:42  Customs duty rationalized on music, gaming, software
12:39  Businesses with Rs 60 lakh turnover have to audit a/c
12:37  Excise duty on CFL halved to 4%
12:36  Central excise on LED lights cut to 4%
12:35  Rs 50/t cess on Indian coal
12:34  To raise central excise on non-petro products to 10%
12:28  Increased excise duty on all non-smoking tobacco
12:28  Excise on cigars, cigarettes to go up
12:27  CET on petro products hiked by Re 1
12:27  Partial rollback of excise duty on large cars
12:27  Partial rollback of excise duty on cement, cement products
12:24  Excise duty hiked to 10% vs 8%
12:23  Professionals with Rs 15 lakh income need account audit
12:22  Weightage deduction on R&D increased to 200%: Ernst & Young
12:18  Weighted deduction from 150% to 200% for in-house R&D
12:17  Surcharge for companies reduced to 7.5% from 10%
12:17  MAT increased to 18%
12:16  10% tax for income between Rs 1.6-5 lakh
12:16  Nil tax for Rs 1.6 lakh income
12:10  Borrowing plan to be decided in consultation with RBI
12:10  FY11 net market borrowing pegged at Rs 3.45 lakh cr
12:09  FY11 net market borrowing pegged at Rs 3.45 lakh crore
12:09  To continue with practice of oil, fert subsidy in cash
12:08  FY10 fiscal deficit revised to 6.9% of GDP
12:07  FY13 fiscal deficit pegged at 4.1%
12:10  FY11 net market borrowing pegged at Rs 3.45 lakh cr
12:09  FY11 net market borrowing pegged at Rs 3.45 lakh crore
12:09  To continue with practice of oil, fert subsidy in cash
12:08  FY10 fiscal deficit revised to 6.9% of GDP
12:07  FY13 fiscal deficit pegged at 4.1%
12:07  FY12 fiscal deficit pegged at 4.8% of GDP
12:07  FY11 fiscal deficit pegged at 5.5% of GDP
12:06  Total expenditure this fiscal at Rs 11.87 lakh crore
12:05  Revised estimate for tax collection at Rs 7.47 lakh cr
12:02  Defence allocation at Rs 1.47 lakh cr
12:02  To soon finalise symbol for Indian Rupee
12:02  Allocated Rs 1,900 cr for UID project
12:01  UID authority to issue 1st set of ID's in FY11
12:00  To set up financial sector legislative reforms panel
11:59  Allocated Rs 5,000 cr to Social Justice ministry
11:58  Allocated Rs 2,600 cr for Minority Affairs ministry
11:58  Launched women farmer fund scheme with Rs 100 cr
11:56  Propose to launch skill development programme for textile sector
11:56  Village & child development outlay up 50%
11:55  Allocation for renewable energy at Rs 1,000 cr
11:54  Unorganised sector social security fund at Rs 1,000 crore
11:54  Health insurance extended to NREGA beneficiaries
11:53  National Security Fund allocated Rs 1,000 cr
11:52  Micro finance & equity fund doubled to Rs 400 cr
11:51  Allocated Rs 2,400 cr for micro, SME's
11:50  Allocation for slum redevelopment increased to Rs 1,270 crore
11:50  To extend 1% interest subsidy scheme for affordable housing to Mar 2011
11:48  Allocation for urban development at Rs 3,500 crore
11:48  Indira Aawas Yojana allocation at Rs 10,000 cr
11:46  Rs 40,100 cr for NREGA
11:46  Rs 61,000 cr for rural infra development
11:45  Banking for all villages with population of 2,000
11:44  Allocation to Health Ministry at Rs 22,300 cr
11:43  FY11 education plan outlay at Rs 31,030 crore
11:43  Spending on social sector upped to Rs 1.37 lakh cr
11:42  Ready with draft Food Security Bill
11:41  One time grant of Rs 200 cr to Tamil Nadu for textile
11:41  Clean Ganga Mission allocated Rs 500 crore
11:40  Allocated Rs 200 cr to Goa to restore beaches
11:40  To set up 20,000 mw of solar power by 2022
11:40  Allocated Rs 500 cr to set up solar, small hydro power units
11:39  Micro power project in Ladakh at Rs 500 cr
11:38  To launch competitive bidding for captive coal mining
11:37  To set up coal regulatory authority
11:36  To loan Rs 16,752 cr to rail development projects
11:36  IIFCL to double re-finance to banks for infra
11:36  Road development allocation hiked to Rs 19,894 cr
11:35  To construct 20 km of national highway each day
11:34  Allocation for road transport raised by 13%
11:34  ECB's now available for food processing sector
11:33  To set up 5 more Mega Food park projects
11:32  To provide 2% loan subsidy to farmers
11:32  Interest rate subvention for farm loans hiked to 2%
11:32  FY11 bank farm loan target raised to Rs 3.75 lakh crore
11:31  PDS suffering from shortage of storage facilities
11:30  Rs 200 crore for climate resilient agri initiative
11:30  Propose Rs 300 cr for Rashtriya Krishi Vikas Yojana
11:29  Rs 400 crore to extend green revolution to Eastern India
11:28  Committed to SEZ plans to boost exports, employment
11:27  Extend 2% interest subvention on export credit for 1 year
11:27  Capital for banks to help meet CAR aim
11:26  Company's Bill to address regulation in corporate sector
11:26  RBI to give additional banking licenses
11:26  FY11 capital for PSU Banks at Rs 16,500 crore
11:25  RBI mulling banking license for pvt & NBFC players
11:25  Status paper on domestic debt/GDP ratio in 6 months: BMR
11:24  Working towards making FDI regime simple
11:24  $20.9 bn FDI inflows during Apr-Dec '09
11:24  Will reduce fertiliser subsidy
11:23  Divestment proceeds budgeted higher in FY11 vs FY10
11:23  NBS will lead to agri productivity
11:22  PSU divestment mop-up seen at Rs 25,000 cr in FY10
11:22  Actively engaged in finalizing structure of GST rollout
11:21  Finance panel has proposed withdrawal of stimulus
11:20  Since December, signals of food inflation spilling over
11:19  Have acted on recommendations of 13th Finance Commission
11:19  Need to better manage supply-demand mismatch
11:19  Process of building a simple tax system is near completion
11:19  Need to strengthen local macro-economic situation
11:17  Efforts on to lower inflation in the next 2 months
11:16  Need to review stimulus and get back to fiscal consolidation
11:16  High fuel prices added to inflationary pressures
11:16  Should bring down inflation in the next few months
11:15  10% growth mark is not too distant in future
11:14  Focus to improve food security and healthcare systems
11:13  Govt must enable enterprise
11:13  Focus of economic activity shifted to non-govt factors
11:12  Some sectors have helped improve economic condition
11:12  FY10 was a challenging year for the economy

11:11  Budget will also signal policy for future
11:11  Second challenge is to make development more inclusive
11:10  First challenge is to return to high GDP growth of 9%
11:10  Budget cannot be a mere statement of government account
11:09  Thrust for infrastructure in rural areas
11:08  GDP growth hitting double-digit remains 1st challenge
11:07  Confident now economy in far better position
11:07  First challenge is to quickly revert to high GDP growth
11:07  Short-term global outlook bleak during FY10 Budget
11:06  Southwest monsoon undermined kharif crop
11:06  Averted crisis, Indian economy far better situation
11:05  Business sentiment weak at the time of last Budget
11:03  Finance Minister presents Union Budget 2010


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On 26 February 2010 at 12:55
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Chartered Accountant
211 Points Posted on 26 February 2010

Swaminathan Aiyar: Pranab's budget is not too harsh, not too easy | More an emphasis on expenditure side than the tax side

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On 26 February 2010 at 12:55
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CA M. com
10823 Points Posted on 26 February 2010

Service Tax rates unchanged

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On 26 February 2010 at 12:56
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ARTICLED ASSISTANT
38 Points Posted on 26 February 2010

please tell me what is maximum limit upto which the interest on housing loan can be claimed according to budget 2010-11?

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On 26 February 2010 at 12:56
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Chartered Accountant
935 Points Posted on 26 February 2010

 

1249 hrs
Direct tax proposals to result in revenue loss of Rs 260 bn
 
1248 hrs
Rs 43,000 cr raised by partial rollbacks: Swaminathan SA Iyer
 
1246 hrs
Service tax rate retained at 10%, to bring more services under service tax net
 
1244 hrs
Import duty on silver raised to Rs 1500 per kg
 
1243 hrs
To raise excise duty from 8% to 10%
 
1239 hrs
Mobile accessories market to get tax breaks
 
1234 hrs
To levy clean energy cess on imported coal
 
1233 hrs
Rs 1 per litre excise on petrol, diesel
 
1229 hrs
To enhance duty on oil products to 10%
 
1228 hrs
Raised excise duty from 5% to 10%
 
1228 hrs
Custom duty on crude oil back to 5%
 
1227 hrs
Enhance tax audit limits for professionals to Rs 15 lakh
 
1226 hrs
To partially roll back central excise duty
 
1226 hrs
Excise duty on large cars, SUVs raised to 22%, up 2%
 
1218 hrs
Sops for real estate, housing projects extended by a year
 
1217 hrs
Surcharge on domestic cos reduced to 7.5% from 10%, MAT increased from 15% to 18%
 
1215 hrs
Income tax slabs revised
 
1212 hrs
Saral 2 form to be rolled out for simplification of tax filing in 2010-11
 
1209 hrs
Govt to provide subsidy in cash instead of bonds for fertiliser, oil
 
1208 hrs
To include subsidies in fiscal accounting
 
1206 hrs
Net market borrowing 2010-11 at Rs 345010 cr
 
1206 hrs
Revised fiscal deficit targets for 2009-10 at 6.9%
 
1205 hrs
5.5% fiscal deficit, rolling targets of fiscal defict at 4.8% in 2011-12 and 4.1% in 2012-13
 
1205 hrs
15% increase in plan expenditure and 6% in non-plan expenditure
 
1204 hrs
Advance tax receipts expected at Rs 746651 cr; Net tax revenue receipts at Rs 14118 cr
 
1202 hrs
Defence allocation raised to Rs 147344 cr, Rs 60000 cr allocated for defence expenditure
 
1159 hrs
UID authority given Rs 1900 cr
 
1159 hrs
Proposes to increase subvention to 5% in repayment of farmer loans
 
1158 hrs
Social sector spending at Rs 1.38 tn for FY11
 
1157 hrs
Rs 2600 cr allocated to minority ministry
 
1157 hrs
National Social Security fund allocation at Rs 1000 cr
 
1155 hrs
Extends 1% interest subsidy scheme for affordable housing to March 2011
 
1154 hrs
To create 50 cr skilled workers by 2022
 
1151 hrs
Rs 1200 cr for drought mitigation in Bundelkhand region
 
1148 hrs
Rs 100 cr for financial inclusion fund; Allocation for Bharat Nirman at Rs 48000 cr
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On 26 February 2010 at 12:57
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CA M. com
10823 Points Posted on 26 February 2010

For self occupied its 1.5 lacs only.... As nothing is declared new budget, it continues on 1.5 lacs

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On 26 February 2010 at 12:58
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CA FINAL
622 Points Posted on 26 February 2010

income tax rates slabs r changed......

upto rs 160000 no tax 
rs1.6 lakh to 5 lakh 10%
rs 5 lakh to 8 lakh 20%
rs 8 lakh & above 30%

also amount under sec 80 cc increase by rs 20000

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On 26 February 2010 at 12:59
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CA M. com
10823 Points Posted on 26 February 2010

No capital gains tax on conversion of a business entity into Limited Liability Partnership

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On 26 February 2010 at 13:00
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Learner!
306 Points Posted on 26 February 2010

dhiraj is saying that there is a hike in custom duty on gold whereas Javed is saying just the opposite. which is the right one?

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On 26 February 2010 at 13:00
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Chartered Accountant
935 Points Posted on 26 February 2010

 

12:56  Service tax rate remains unchanged at 10%: Ernst & Young
12:56  Outright SACD exemption for certain prepackaged products: Ernst & Young
12:55  Indexation of precious metals cutoms duty: +ve for Gitanjali,Titan
12:55  Service tax unchanged +ve for FMCG
12:55  Customs duty on rhodium reduced to 2%: BMR
12:54  Tax reliefs for charitable orgs earning trade receipts: BMR
12:54  Assistance for medical devices +ve for Opto Circuits
12:53  Cut excise duty windfarm input +ve for Suzlon: Ernst & Young
12:52  Duty exemption on hand set extended : +ve for Spice mobiles
12:52  New corporate tax rate 33.21% against 33.99%: Ernst & Young
12:52  Monorail projects notified for project import benefits: Ernst & Young
12:51  Redn in duty for photovoltaic units +ve for Moserbaer: Ernst & Young
12:51  Customs on crude restored for -ve RIL, all refiners
12:50  Solar power rickshaws to enjoy duty concessions: Ernst & Young
12:49  Indirect tax concessions for alternate energy projects: Ernst & Young
12:49  Excise duty cut on wind farm units +ve for Suzlon
12:48  Exempt inputs for making RotorBlades from excise: +ve for Suzlon
12:47  Clarification on tax neutral transition to LLP's welcome: BMR
12:47  Corp Tax outgo to reduce by 0.77%: BMR
12:46  Clen energy cess on imported & dom coal; -ve for Tata Power, Adani
12:46  MAT outgo to increase by 2.94%: BMR
12:45  Full CENVAT credit on Cap Goods in 1st Year itself: Ernst & Young
12:45  Testing of agricultural seeds exempt from service tax: BMR
12:44  Agriculture seeds exempt from service tax: +ve for Advanta
12:44  Peak rate of customs duty remains unchanged at 10%: Ernst & Young
12:43  Customs duty exempted on input for refrigerated van mnfrs: Ernst & Young
12:43  Setting up of cold storages exempted from service tax: Ernst & Young
12:42  Simplified corp taxation for cos upto 60 lacs t/o: BMR
12:41  Presumptive taxation increased on small cos: BMR
12:41  Hike in CET for refined pdts negative for OMCs

12:43  Setting up of cold storages exempted from service tax: Ernst & Young
12:42  Simplified corp taxation for cos upto 60 lacs t/o: BMR
12:41  Presumptive taxation increased on small cos: BMR
12:41  Hike in CET for refined pdts negative for OMCs
12:40  Ad-valorem excise duty on MUVs increased: Ernst & Young
12:39  Increase in excise duty on non-tobacco products: BMR
12:39  Redn in personal tax rate saving of Rs.50k upto 8l Incom: Ernst & Young
12:38  Excise duty on Cig increased; quantum will impact ITC
12:37  Excise duty on tobacco -ve for ITC: Ernst & Young
12:37  No CG tax on conversion to LLP'S: BMR
12:36  Basic customs duty on crude petroleum restored to 5%: Ernst & Young
12:36  Customs duty of 5% on crude negative for OMCs
12:35  Excise on SUVs up to 22% from 20% - ve for M&M, Tamo
12:34  Excise duty on large cars increase -ve for Tata Motors, Ashok Ley: Ernst & Young
12:34  Peak excise duty increased; -ve for Auto, Steel, Cement Co
12:33  Stimulus package partially rolled back: Ernst & Young
12:33  Reduction in Personal Tax rate saving of Rs50,000 upto Rs 8 lakh income
12:32  Excise duty hiked to 10% expected rise
12:32  Roll back in central excise from 8% to 10%: Factored in
12:32  Peak excise duty rate increased from 8% to 10%: Ernst & Young
12:31  Direct tax revenue proposals to lead to Rs 26000 cr loss: BMR
12:31  Red of Corp Tax Surcharge to Red Corp Tax Rate By 1%: Ernst & Young
12:30  Rs 26000 cr revenue loss on account direct tax proposals
12:29  Low tax, high purchasing power volume boost for FMCG cos
12:29  Conversion of partnership to Llp encouraged: Ernst & Young
12:28  Int on TDS not deposited increased to 18% pa: Ernst & Young
12:27  Weighted Ded on R&d +ve for Tata Motors, Ashok Ley: Ernst & Young
12:26  Tax audit limit increased to 60 lakhs for business: Ernst & Young
12:26  Pharma cos impact neutral Mat vs Weighted Deduction: Ernst & Young
12:25  MAT 18% on booked profits not assets should be positive

12:24  Tax holiday for Hotel ind; +ve for Indian Hotels, EIH: Ernst & Young
12:23  RIL, FMCG cos impacted by MAT increase
12:22  Weighted deduction on R&D +ve for Pharma and Auto: Ernst & Young
12:21  Surcharge cut; +ve for India Inc
12:21  MAT increased to harm IT and infrastructure companies: Ernst & Young
12:21  Surcharge reduced to 7.5% from 10%: BMR
12:19  MAT increased to 18%; -ve for RIL, HUL, Bharti, Rcom
12:19  Increase MAT from 15% to18% on book profits: BMR
12:19  Infra bond tax deduction +ve for IDFC, PFC
12:19  Corporate surcharge reduced to 7.5% but MAT increased: Ernst & Young
12:18  Surcharge reduced from 10% to 7.5%: Ernst & Young
12:18  10% tax on annual income from Rs 1.6 lakh to 5 lakh: BMR
12:18  AddTax deduction of Rs 20,000 on inv in infra bonds
12:17  Tax slabs increased will enhance spending: Ernst & Young
12:17  Increase in take home for individuals enhance consumption: Ernst & Young
12:16  No tax on annual income upto Rs 1.6 lacs: BMR
12:16  Tax slabs rationalised for individuals: Ernst & Young
12:16  Scope of Settlement Commission for excise & customs expanded: Ernst & Young
12:15  New version of Saral ready for salaried employees: BMR
12:15  Settlement Commission to cover raid cases: BMR
12:14  Return filing procedure to be simplified: Ernst & Young
12:14  Simplification of tax compliance: Ernst & Young
12:13  Saral 2 form to be introduced in a simplified version: Ernst & Young
12:13  Increased computerization of central and state tax administration: Ernst & Young
12:12  Pilot projects for tax grievances extended to four cities: BMR
12:11  Automation to reduce physical interface with department: Ernst & Young
12:10  Technology driven tax administrative reforms: Ernst & Young
12:10  FY11 borrowing lower than est +vs for PSU banks
12:09  Subsidy delivery in cash to oil & fertiliser companies
12:08  Extending govt fert subsidy in cash: + ve for fert cos

12:08  Extending govt fert subsidy in cash: + ve for fert cos
12:08  Revised fiscal deficit for 2009-2010 at 6.9%
12:08  All subsidy in cash
12:07  Gross non- tax receipts at Rs 1,48,118cr: BMR
12:07  Deficit 4.3% for FY12
12:05  Gross tax receipts at Rs 7,46, 651cr: BMR
12:04  New technology platforms for new legislations positive for IT sector: Ernst & Young
12:03  Rs 60000cr defense capex :BEL, M&M, L&T, Nelco
12:02  UID scheme Budget Rs 1900 crore IT companies, Bartronics in fosus
12:02  Higher defence allocation +ve for L&T: BMR
12:01  Smart card extension positive for Glodyne Tech: Ernst & Young
12:00  Banking license for NBFCs, private players positive for IFCI, Reliance Capital
12:00  UID commitment to be met in 2010: + ve for Bartronics, TCS
11:59  RBI licenses to private players +ve for Reliance Capital: BMR
11:54  Smart Card extended to NREGA; focus Bartronics
11:50  Slum Free India at the earliest: +ve for HDIL (SRA)
11:50  Extension of interest subvention to March: Parsvanath, Sobha
11:49  Focus on slum redevelopment positive for real estate: Ernst & Young
11:49  Interest subvention for low cost housing: HDIL, Parsvanath
11:48  Increase allocation for urban development by more than 75%
11:47  Higher outlay for educations; +ve for Educomp, Edserv, Core Proj
11:47  Rs 61, 000 crore rural programmes positive for Hero Honda, PNB
11:46  Rs 66,100cr for rural devpt this year: BMR
11:43  Education outlay increased by Rs 3236: Educomp, Everonn
11:43  3675 cr grant on education to states : +ve for Educomp, Everonn
11:41  Rs 200 cr for Tirupur, TN Textile facility: BMR
11:40  National clean energy fund; +ve for Suzlon, JP Hydro
11:40  20000 MW solar power +ve for Monnet Ispat
11:38  Setting up of Coal Regulatory Authority positive for cement, steel companies
11:38  Increased refinancing by IIFCL;+ve for infra companies
11:37  Solar energy impetus Moser Baer in focus
11:37  Double allocation to power;+ve for NTPC, Rel Power, Adani Po
11:37  Competitive bidding process for captive mining blocks: BMR
11:37  Higher power allocation to benefit power & dist companies: Ernst & Young
11:36  13% higher road allocation;+ve for Punj, Gammon, Nagarjuna
11:35  Intro of new legislations administrative reforms is key: Ernst & Young
11:35  13% higher road allocation;+ve for IVRCL, HCC, L&T
11:34  Increased allocation for road Gammon, IRB, j kumar +ve
11:34  To raise allocation for road transport by 13%
11:33  Provided Rs 1,73,552 crore for infrastructure development
11:33  Easy access for funds to marine and cold storage facili: Ernst & Young
11:32  ECB's will be available for food processing sector
11:31  Addtional banking license IDFC and IFCI in consideration
11:31  Repayment Extension For FarmerTo June 2010: +ve Bob Pnb
11:30  SEZ's recorded 127% YoY export growth in last 3 qtrs: BMR
11:29  Rs 300cr for agriculture impetus Jain Irrigation, Advanta India
11:29  Recapitalisation of banks +ve Uco Bank, CBI
11:28  Interest subvention extended to March 11
11:28  Textiles, Gems and Jewellery benefit from Int Sub Extension
11:27  Recapitalization of banks positive for Syndicate Bank, Dena Bank
11:27  NBFC could be considered for banking licenses: IDFC
11:26  Banking sectors reforms to be introduced: Ernst & Young
11:24  RBI considering addl licenses to private players: BMR
11:23  FDI policies to be consolidated - positive step: Ernst & Young
11:23  Aims to make FDI policy userfriendly: BMR
11:21  Oil Ministry to take decision on Parikh Report
11:20  Deferment of GST negative for corporates in FY10-11: Ernst & Young
11:18  FM reaffirms commitment to GST; likely roll-out in April 2011: Ernst & Young
11:17  Direct tax code to be implemented from April 1, 2011: Ernst & Young
11:16  Budget has given indication that better targeting of subsidies will be the key 
11:16  Budget has given indication that better targeting of subsidies will be the key objective
11:15  Focus on development of infrastructure in rural and urban areas likely
11:12  Budget realises the need to strengthen food security
11:11  State of the economy better
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On 26 February 2010 at 13:00
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student
51 Points Posted on 26 February 2010

 

  • Nifty up 100 pts


  • 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


  • Banking stocks up, react to banking expansion plans


  • Markets up by 100 points


  • Fertilizer stocks up, react to reduction of subsidy


  • 11.30am: BSE Sens*x, Nifty up by 0.5%


  • Markets react positively to Pranab speech


  • 9am: BSE Sens*x at 16,296.59, 0.26%


  • 9am: NSE index at 4,880.5
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On 26 February 2010 at 13:01
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CA FINAL
622 Points Posted on 26 February 2010

tax audit limits increased to 60 lakhs for business

n 15 lakhs for professionals...


1) GST & DTC to be implemented by 1/4/2011
2) New return form .saral 2 to be introduced
3) Extra limit of 20K ,in 80 C for investment in infrastructure bonds
4) Surcharge on domestic companies reduced from 10% to 7.5%
5) MAT increased from 15% to 18%
6) Tax Audit limit raised to 60 L (15 L for professionals)
7) Exemption limit raised
Up to 1.6 L = NIL
1.6 L to 5 L = 10%
5L to 8 L= 20%
Above 8 L=30%

no change in service tax......

duty put on petrol & diesel
Reply
On 26 February 2010 at 13:01


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