Finance minister Pranab Mukherjee began presenting the Union budget for 2010-11 in the Lok Sabha today after the Cabinet approved the document.
Here are some of the highlights.
Income tax slabs for individual taxpayers to be as follows Income
- Income upto Rs 1.6 lakh : NIL
- Rs 1.6 lakh – Rs 5 lakh : 10%
- Rs 5 lakh – Rs 8 lakh : 20%
- Income above Rs 8 lakh : 30%
Cheaper than Before:
- Mobile Phones
- Agricultural Equipments
- Set Top boxes
- Toys
- Books
- Medical Equipment
- CFL Bulbs
- Compact Disc (CD)
Costier than Before:
- Consumer products like TV and AC.
- Large Cars, SUVs and MUVs.
- Petrol and Diesel
- Cigarettes and Non-smoking Tobacco
- Gold and Silver
- Flying by Air
Others
- Aam admi is focus of all programmes and schemes
- For Senior Citizen IT exemption limit raised by Rs 15,000
- For tax payers including women, Limit raised by Rs 10,000
- 10% surcharge on personal income tax scrapped
- Fringe Benefit Tax abolished
- Corporate Tax remains unchanged
- Defence gets Rs 1,41,703 crore
- Total fiscal stimulus in 2008-09 amounts to Rs 1,86,000 crore
- IIFCL to evolve mechanism for increased funding of infra
- IIFCL to re-finance commercial bank loans up to 60% in critical objects through PPP to tune of Rs 1,00,000 crore
- Allocations for highways being stepped up by 23%
- Funds for housing, amenities for urban poor up Rs 3,973 crore
- Funds for JN Urban Renewal Mission up 87% to Rs 12,887 crore
- Assistance for storm-water drainage project up by Rs 300 crore
- Farm credit target up at Rs 3,25,000 cr from Rs 2,87,000 crore
- Interest rates incentive to farmers to repay loans on time
- Additional Rs 1,000 crore for accelerated irrigation scheme
- Export Credit Guarantee scheme extended till March 2010
- 2% Interest Subvention (IS) scheme extended till March 2010
- IS scheme to cover 7 job-oriented sectors, including textile, handicrafts and handlooms.
- Commodity Transaction Tax abolished
- New pension system trust exempted from STT, DDT
- Minimum Alternate Tax hiked to 15% from 10%
- Tax holiday on petro sector extended to natural gas
- 100% tax deduction on political donation
- Stimulus for print media for another six months
- Fertiliser subsidy to be nutrient-based, not price
- Banks and insurance firms to remain in public sector
- Rs 100 crore one-time grant to expand banks in unbanked areas
- Govt committed to provide Rs 100 per day as wages under NREGA
- Allocation of Rs 39,100 crore to be made for NREGA
- NREGA coverage increased to 4.74 crore households in FY’09
- Work National Food Security scheme has begun
- Allocation for Bharat Nirman being raised by 45%
- Rs 2,000 crore rural housing fund under National Housing Bank
- Mission for female literacy with focus on minorities SC/ST
- 50% of all rural women to be brought into SHG programs
- Full interest subsidy for students in select institutions
- Five lakh students to benefit
- Modernization of national employment exchanges
- Action for social security to unorganized sector workers
- New pension benefits for 12 lakh jawans and JCOs from July
- One lakh dwelling units for paramilitary forces personnel
- Unique Identification Card to citizens in 12-18 months
- Provision of Rs 120 crore for UIC project
- Rs 2,113 crore allocated for IITs and new IITs
- Rs 3472 cr for Commonwealth Games from Rs 2112 cr
- Customs, excise and service tax base rates unchanged
- For Indira Awas Yojana, allocation increased 63%
- Incom Tax returns to be made simpler
- 8 missions being launched under Plan on climate change
- Allocation for market development assistance scheme up 148%
- Allocation for Rural Health Mission raised by Rs 257 cr above interim budget
- Rs 500 cr for rehabilitation of Sri Lankan Tamils
- Rs 1,000 cr for infrastructure in cyclone-hit area in WB
- Total expenditure crosses Rs 10 lakh crore in history of India for first time.
- Share of direct taxes in revenue increased to 56% in FY’09
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