best-short compilation of budget-2010by sudhir sir

shailesh agarwal (professional accountant)   (7642 Points)

27 February 2010  

 

BUDGET -2010

 

HIGHLITES

 

-CA SUDHIR HALAKHANDI-

 

  1. NEW INDIVIDUAL TAX RATES

 

AMOUNT

TAX RATE

UP TO RS. 1.60 LACS

NIL

OVER 1.60 LACS TO 5 LACS

10%

OVER 5 LACS TO 8 LACS

20%

OVER 8 LACS

30%

 

  1. MAT HAS BEEN INCREASED TO 18 % (FROM 15%).
  2. SURCHARGE WHEREVER APPICABLE REDUCED TO 7.5% FROM 10%.
  3. TAX AUDIT LIMIT ENHANCED TO RS. 60 LAKHS FOR BUSINESS AND 15 LAKHS FOR PROFESSION.    
  4. ADDITIONAL DEDUCTION OF RS. 20000.00 WITH RESPECT TO INFRASTRUCTURE BONDS- IN ADITTION TO RS, 1 LAKH.
  5. NEW VERSION OF SARAL- RETURN FORM FOR INDIVIDUAL.
  6. EXCISE RATES INCREASED TO 10%.
  7. SERVICE TAX RATE UNCHANGED- 10%.
  8. TRANSPORTATION OF PULSES EXEMPTED UNDER GTA SERVICE – EXISTING EXEMPTONS FRUIT, VEGETABLE, MILK AND EGGS.

 

-         AS COMPLIED FROM THE BUDGET SPEECH OF FINANCE MINISTER-

 
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