Union Budget 2009-2010 is out today. Here we are offering information on features of union budget 2009-2010.
- Customs duty on bio-diesel reduced.
- Silver to cost more.
- Tax to be levied on Law Firms.
- Textile units to receive tax holiday.
- LCD TVs to cost less. Custom duty on LCD TVs cut from 10% to 5%.
- Set-Top Boxes to cost more. Customs duty of 5% on set-top boxes.
- To extend tax holiday for commercial production of mineral oil and natural gas.
- Enhance budgetary support by Rs 40,000 cr.
- Service tax levied on law firm
- Custom duty on gold re-imposed
- Customs duty to be reduced on drugs for heart treatment
- No new tax on edible oil imports4 per cent excise duty on cotton products restored
- Customs duty on bio-diesel reduced
- Life saving devices on heart condition exempted from custom duty
- Small business exempt from advance tax
- To maintain overall customs and excise duty structure
- Tax holiday to natural gas extended
- Tax slab raised
- MAT hiked to 15 per cent of book profit
- Fringe Benefit Tax and Commodity Transaction Tax abolished.
- Personal income tax exemption hiked by Rs 10,000. No surcharge of 10% on personal income tax.
- Centralized processing center at Bangalore to streamline taxation.
- No change in corporate tax.
- Tax holiday for exporters extended until 2012
- Personal income tax exemption hiked by Rs 10,000
- Abolish fringe benefit tax
- Goods and services tax from April 1, 2010
- Federal Tax/GDP ratio is 11.5 per cent
- No surcharge of 10 per cent on personal income tax
- Increase in exemption slab for senior citizen
- No change in corporate taxes
- Hike in IT exemption for women to Rs 1,90,000
- Govt. committed to tax reforms
- Increase automation in direct tax collection
- New tax code in 45 days
- Centralized processing center at Bangalore to streamline taxation
- Income tax forms should be user friendly
- Tax system should be such that it should encourage voluntary compliance
- Saral form 2 will be introduced
- Fringe Benefit Tax abolished.
- No surcharge of 10% on personal income tax.
- No change in corporate tax. Increase in exemption slab for senior citizens by Rs 15,000.
- Fiscal deficit at 6.8% of GDP.
- Proposes Rs 500 cr for rehabilitation of displaced persons of northern and eastern areas of Sri Lanka.
- Aila Relief proposed at Rs 1,000 crore.
- Increased allocation for higher education. Rs 2,113 cr for IITs and NITs. Rs 25 cr each for AMU campuses in Murshidabad and Mallapuram.
- Defence outlay goes up. Allowances to para-military forces at par with defence forces.
- One rank, one pension for ex-servicemen.
- Allocation for Commonwealth Games to be raised to Rs 3472 crore
- Online job exchange to be started with private partnership.
- Increased allocation for higher education.
- Allowances to para-military forces at par with defence forces. One rank, one pension for ex-servicemen.
- Hike in allocation for Commonwealth Games.
- Online job exchange to be started with private partnership.
- Unique ID plan to roll out in 12-18 months.
- Top people from private sector to be given responsibility of vital national projects.
- Interest subsidy for home loans up to Rs 1 lakh.
- Rural mega clusters in Bengal and Rajasthan.
- To add handloom clusters in West Bengal and Tamil Nadu.
- 75% hike in irrigation projects.
- Rural Housing: Allocation to Indira Awaas Yojna hiked by 63% to Rs 8,883 cr. Rs 7000 crores for rural electrification scheme.
- Rs 31,100 crore allocation for NREGA. NREGA gave employment opportunities to more than 4.479 cr households.
- Banks, insurance to stay with Govt. Banking network to be expanded.
- Expert panel to look into petroleum product pricing. Domestic oil prices must be in sync with global prices.
- ‘Aam Admi’ is now the focus of all our programmes and schemes: Pranab
- Tax system should be such that it should encourage voluntary compliance.
- Income Tax forms to be made user-friendly. Saral-II forms to simplify taxation process.
- Tax collectors should be like honey bees without disturbing the flower but spreading the pollen: Pranab
- Export Credit Guarantee scheme extended till March 2010.
- Stimulus package to print media extended till December 31.
- Farmers loan interest to come down to 6%. Interest subvention scheme for farm loans to be manitained.
- Additional budget allocation for farmers.
- IIFCL will refinance 60% of commercial bank loans in PPP. IIFCL to look at infrastructure needs.
- Mumbai flood management allocation hiked to Rs 500 cr.
- 87% rise in urban renewal mission. Housing allocation hiked.
- Fiscal stimulus at 3.5% of GDP
- Allocation for NHAI up 23%
- Trade in goods and services doubled in 2008
- Job creation hit due to economic slowdown: Pranab
- Government took 3 stimulus packages to fight slowdown. The two worst quarters of the global economic crisis is now behind us: Pranab
- Foreign capital inflow is important
- Increased focus on growth and encourage nation’s development
- Sustain growth rate of 9% for a longer period. Farm sector growth at 4%
- Union Finance Minsiter begins his speech.
- This is Pranab Mukherjee’s 4th budget.
- Cabinet approves Union Budget.
- The grand idea of a slum-free India in five years may see FM allocate around Rs 1,500 crore in Budget 2009-10 for building 1,00,000 houses.
- The government may extend the tax holiday for software exporters beyond March 2010.
- The auction of 3G spectrum is expected to be a part of the budgetary announcements.
- Sops expected for realty and tech sector
- Banks to gain from tax deduction on mortgage interest
- Likely to see uniform rate of corporate tax, FBT
- Exemptions likely to be granted to bring down cost for infra projects
- Price stability high on govt agenda
- Import duty on steel may be hiked
- Sugar industry wants market to determine prices
- Markets waiting with bated breath for the budget announcement
Tags: Union Budget
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