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UNION BUDGET HIGHLIGHTS 10-11 - MUST WATCH

Page no : 6

Prasad R (CA Final) (2128 Points)
Replied 26 February 2010

The slab rate for individuals will be am major releif those earning upto Rs 800000 can save upto Rs 50000 on Income tax.

 


angelicscoop (article) (48 Points)
Replied 26 February 2010

 
 
R&D deduction 200% from 150%

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 26 February 2010

Yes prasad, its true,... now more and more people will come forward and disclose their incomes..... thats one of the great benefits


Prasad R (CA Final) (2128 Points)
Replied 26 February 2010

@ Dhiraj yes very true it's good to see the salaried class getting more benefits in every budget.

 

 


 


Prasad R (CA Final) (2128 Points)
Replied 26 February 2010

Any Change in the 100000 limit on investments under 80 C ??



CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 26 February 2010

Yup, they are alwz benefitted bro...

 

But anywz, the budget was not RUDE this time or non-satisfactory... It was OK.., lukin to the current scenario


Naveen (B.COM, CA Final) (468 Points)
Replied 26 February 2010

MAT Increased 18%

Interest on TCS Late payment 18%


ankit jain (CA) (28 Points)
Replied 26 February 2010

can any one tell me changes made in section 40 i(a) their is some changes regarding interest on tds and disallowance in budget


ankit jain (CA) (28 Points)
Replied 26 February 2010

can any one tell me changes made in section 40 i(a) their is some changes regarding interest on tds and disallowance in budget


CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 26 February 2010

HI ankit, i think there is no such amendment in new budget... Coz, i went through almost every detail, but could not find it anywhere... Anywz, let others repply too



Prateek (Top Management) (213 Points)
Replied 26 February 2010

Since when (effective date) are the increase in Excise Duty applicable.. ????


Prateek (Top Management) (213 Points)
Replied 26 February 2010

Interest for late payment of TDS has been increased from 12% to 18%

and there is some chnages (relaxation) given w.r.t TDS to be deducted and time till when they can be deposited...

Roughly ...expneses on which TDS deducted and paid till Sept / filing of return can be claimed as tax deductable expense


Naveen (B.COM, CA Final) (468 Points)
Replied 26 February 2010

 

  • 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




CourseCart.in (Mentor at SHAYVIDZ Academy)   (3756 Points)
Replied 26 February 2010

 

Budget 2010 Flashes

14:05  Clarity on SEZ deduction for earlier years to benefit IT cos: Ernst & Young

13:41  Cus duty levied on movie films except value of IPR therein: Ernst & Young

13:41  Proposal for clean energy cess on coal, lignite, peat: BMR

13:40  Trf of unlisted shares without adequate consideration taxable: Ernst & Young

13:39  Income scope of foreign cos expanded; reversing SC: BMR

13:38  Duty free import of samples now allowed upto Rs 3 lakhs: Ernst & Young

13:37  Nil customs duty for specified inputs & CG for Elec. Hardware: Ernst & Young

13:36  Set-up of digital head end eligible for project imports: Ernst & Young

13:34  No penalty on excise dues paid voluntarily before SCN issued: Ernst & Young

13:33  Anomaly in tax holiday for SEZ corrected retrospectively: Ernst & Young

13:33  CENVAT reversal on common inputs allowed retrospectively: Ernst & Young

13:28  Concessional 4% excise duty on inputs for electrical vehicles: Ernst & Young

13:28  Excise duty exempted for specific agroprocessing units: Ernst & Young

13:26  Clean Energy Cess introduced on coal, lignite & peat: Ernst & Young

13:25  Excise duty exemptions on specific IT products withdrawn: Ernst & Young

13:23  Excise duty on petrol & diesel increased by Re 1/ litre: Ernst & Young

13:22  Excise duty on cement & cement clinker increased: Ernst & Young

13:07  Customs duty on precious metals increased: Ernst & Young

13:07  Effective peak excise duty rate increased from 8.24% to 10.30%: Ernst & Young

13:06  Indirect tax proposals to yield 43500 Cr plus addl tax revenue: Ernst & Young

13:04  Service tax exempted on transportation of food grains: BMR

13:03  Concessional 5% customs duty on all medical appliances: Ernst & Young

13:03  Excise Duty on CFLs cut to 4%: Ernst & Young

13:02  Online News Agencies to attract service tax: Ernst & Young

13:02  No extension of STPI -ve for Infy, Wipro: Ernst & Young

13:01  25% tax savings for individual earning Rs 1 lac per month: BMR

13:01  Rs 20,500 cr net revenue gain

13:00  Service tax refund simplified +ve for It/ites: Ernst & Young

13:00  Indirect taxes gain Rs 46500 cr on account of proposals

12:59  Service tax proposals to lead to Rs 3000 crs gain for year: BMR

12:59  Refund for service tax exporters to be simplified: Ernst & Young

12:58  Service tax net to be widened to cover new services: Ernst & Young

12:58  New services under service tax preview

12:57  Service tax retained at 10% +ve for ALL under service gambit

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

12:43  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

11:38  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

11:17  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 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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