Sunday, January 30, 2011

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union-budget-2010-11-highlights

  • Sunday, January 30, 2011
  • bhushan chhaya
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  • The Union Finance Minister, Shri Pranab Mukherjee leaves North Block for Parliament House
    to present the General Budget 2010-11, in New Delhi on February 26, 2010.

    Highlights of 2010-11 budget presented by Finance Minister Pranab Mukherjee in parliament Friday February 26, 2010:
    Budget Highlights
    ● Online news agencies to attract tax
    ● Sensex surges 350 points on new tax slabs
    ● Rationalising tax criteria on gaming software
    ● No hike in service tax
    ● Corporate surcharge down from 10 per cent to 7.5 per cent
    ● Liquor prices set to go up
    ● Prices of gold, silver, precious stones set to rise
    ● Makers of mobile accessories to get tax breaks
    ● No taxes on transportation of pulses
    ● Prices to go up for cars, cement, fuel, cigarettes, air conditioners, TVs, steel
    ● To restore 7.5 per cent duty on petrol and diesel
    ● Raise excise duty on all non smoking tobacco
    ● Uproar over hike in fuel prices in Lok Sabha
    ● To restore 5 per cent duty on crude petroleum
    ● Fuel prices likely to go up
    ● Central exicse duty on petrol and diesel raised to Rs 1 per litre
    ● Rollback in excise duty to 10 per cent
    ● Govt announces partial rollback in excise duty
    ● Excise on large cars, SUVs and MUVs raised to 22 per cent
    ● Presumptive tax limit raised to Rs 60 lakh
    ● Investment linked deduction benefit for two star hotels
    ● Deduction of Rs 20,000 towards infrastructure bonds
    ● Reduce current surcharge on companies to 7.5 per cent
    ● Income above 8 lakh - 30 per cent tax
    ● Income from 5 lakh to 8 lakh - 20 per cent tax
    ● Income between 1.6 lakh to 5 lakh - 10 per cent tax
    ● No tax on income up to Rs 1.6 lakh
    ● IT department to notify Saral 2 forms


    ● Net market borrowing pegged at Rs 3.45 lakh crore
    ● IT return forms to be more user friendly
    ● Govt to bring subsidy related liability into fiscal accounting
    ● Borrowing plan to be decided in consultation with RBI
    ● FY 10 budget deficit seen at 6.9 per cent of GDP
    ● FY 13 fiscal deficit target at 4.1 per cent
    ● Fy 12 fiscal deficit target at 4.8 per cent
    ● Govt to set up National Mission of Delivery of Justice
    ● Gross tax receipts seen at Rs 7.46 lakh crore in FY'11
    ● Fiscal deficit target of 5.5 per cent in FY11
    ● 15 per cent increase in plan expenditure
    ● Defence Capex rasied to Rs 60000 crore for FY'11
    ● Allocation for defence raised to 1.47 lakh crore
    ● UIDA to roll out first set of IDs by end of 2010
    ● Allocation of Rs 1900 crore to Unique Identity Project
    ● Allocation to minority welfare ministry Rs 2600 crore
    ● Govt to contribute Rs 1000 per month for pension security
    ● Home loans up to Rs 20 lakh to get 1 per cent subvention up to March 2011
    ● Allocated RS 66,100 crore for rural development
    ● Social Security Fund to have a corpus of Rs 1000 crore
    ● National Social Security Fund for unorganised sector
    ● Extend interest subvention for housing loans up to Rs Rs 10 lakh
    ● To allocate Rs 10,000 crore to Indira Aawas Yojana
    ● Rs 1200 crore assistance for drought in Bundelkhand
    ● To allocate 48000 crore for Bharat Nirman
    ● Allocation to NREGA raised to Rs 41,000 crore
    ● To allocate 22,300 crore allocation for health ministry
    ● Social sector spending at 1.38 lakh crore for FY11
    ● 25 pc of plan allocation for development of rural infrastructure
    ● To increase plan allocation for education to 31600 crore
    ● Rs 300 crore of Krishi Vikas Yojna
    ● Body for macro supervision of big companies
    ● Annual health survey to be conducted in rural areas in 2011
    ● Govt ready with draft food securty bill
    ● To provide one time grant to Tirupur exports
    ● Competitive bidding for coal block for power sector
    ● Allocation for power sector Rs 5130 crore in FY11
    ● Allocation for road infrastructure raised to 19,894 crore
    ● Rs 1.73 lakh crore or 46 per cent of the plan allocation for infrastructure
    ● Oil ministry to consider Parikh report in due time
    ● Crop loan interest subvention for timely repayment raised to 2 per cent
    ● Period of repayment of farm loan waiver extended to June 30
    ● Farm credit target raised to Rs 3.75 lakh crores for FY11
    ● Govt to take a firm view on opening up retail trade
    ● More captial for rural banks
    ● Govt to provide credit support to farmers
    ● RBI will give addtional licenses to private banks
    ● Challenge is to make growth inclusive
    ● FDI regime has been simplified by the government
    ● India received more FDIs last FY
    ● Disinvestment target Rs 25000 crore this year
    ● Good and Services Tax to be in place next year
    ● Valuation of listed PSUs has increased greatly
    ● Listing of PSUs will ensure corporate governance
    ● Govt will implement direct tax code by April 1, 2010
    ● Process to make a simple taxation system
    ● Need to make growth broad-based
    ● Gradual phasing out of fiscal stimulus
    ● With economy recovering, need to review public spending
    ● Bad monsoon affected food prices adversely
    ● Food inflation should come down in 2010-11: Pranab
    ● Export figures for January have been encouraging: Pranab
    ● Hope to breach 10% growth mark in the near future: Pranab
    ● Manufacturing has been a growth driver: Pranab
    ● Growth registered a strong rebound in the second quarter: Pranab
    ● Govt must deliever to lesser privileged sector: Pranab
    ● Economy stabilised in first quarter of 2009-10: Pranab
    ● We have to sustain food security in rural areas: Pranab
    ● Modernisation of PDS a priority for the govt: Pranab
    ● Our task is to quickly revert to high GDP growth path: Pranab
    ● Challenge to make development more inclusive: Pranab
    ● Indian economy is in far better position now: Pranab
    ● Pranab Mukherjee begins Budget speech
    ● Pranab Mukherjee reaches Parliament
    ● Banks raise deposit rates ahead of budget.
    ● Mukherjee is scheduled to begin his budget speech at 11 am.
    ● Budget is expected to slash the deficit as the economy rebounds.
    ● Government borrowing was forecast to rise by another 2.2 per cent.
    ● Investors were hoping FM will also be firm on keeping borrowing in check.
    ● Calls for fiscal discipline are urgent as inflation is forecast to reach 10 pc in coming weeks.
    ● Mukherjee may also unveil plans to address shortfalls in food production and distribution.
    ● Budget may include initiatives to address India's chronic infrastructure deficit.

    1 Responses to “union-budget-2010-11-highlights”

    bhushan said...
    February 1, 2011 at 10:07 PM

    203.122.58.164


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