Intellectual Thoughts by Sanjay Panda !!!!!: February 2010


Saturday, February 27, 2010

Highlights- Indian Budget 2010-11

  • Section 80c investment limit hiked by Rs. 20,000.
  • Service Tax rates unchanged.
  • Customs duty on Gold and Platinum hiked.
  • Excise duty on solar panels waived.
  • Excise duty on CFL halved to 4%.
  • Jewellery to be more expensive.
  • CDs to be cheaper.
  • Mobile phones to become cheaper.
  • Refrigerators/Televisions Air conditioners to be costlier.
  • Peak customs duty unchanged at 10%.
  • Cement to be costlier.
  • Excise duty on petrol and diesel raised to Rs 1/litre.
  • 5% duty on crude petroleum restored.
  • Excise on all non smoking tobacco raised.
  • 7.5% duty on petrol and diesel restored.
  • Excise on large cars,SUVs, MUV raised to 22%.
  • Cigarettes to be costlier.
  • Deduction of Rs 20000 on investment in infra bonds.
  • Weighted deduction on R&D raised to 200% from 150%.
  • No tax on Income up to Rs 1.6 lacs.
  • Current surcharge on companies reduced to 7.5%.
  • No tax on Income up to Rs 1.6 lacs.
  • Minimum Alternate tax hiked to 18%
  • 30% tax on income above Rs 8 lacs.
  • 20% tax on income between Rs5 lacs to 8 lacs.
  • 10% tax on income between Rs1.6 lacs to 5 lacs.
  • IT dept to notify Saral 2 form for individual tax payers.
  • IT exemption limit enhanced, surcharge withdrawn.
  • 20 Kms of highway to be constructed everyday.
  • More than 50% increase in funds for minority welfare.
  • 15% rise in planned expenditure.
  • Defence capex raised to Rs 60000 Cr.
  • Home loans up to Rs 20 lacs to get intrest subvention of 1% up to March 11.
  • Government to contribute Rs 1000 per month for pension security.
  • Rs 1,900 Cr. allocated for UID project.
  • Intrest subvention for housing loans up to 1 lacs.
  • NREGA scheme allocation raised to Rs 41000 Cr.
  • Allotment for renewable energy hiked by 61%.
  • Setup Coal regulatory authority.
  • 2% loan subsidy to farmers.
  • Rs 165,000 Cr. additional for bank re-capitalisation.
  • Chances of banking licenses to Pvt cos and NBFCs from RBI.
  • Foreign direct Investment (FDI) policy to made more user friendly
  • Reduce to 'Fertilizer Subsidy'.
  • GST will implement from 2011
  • Plan to implement 'Direct Tax Code' from April 2011