Budget 2010 - Memorandum, Finance Bill & Highlights
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CA ANAND JINDAL
(Professional)
(137 Points)
Replied 26 February 2010
Service Tax Changes / Notification
Attached File : 57 budget.zip downloaded: 214 times
CA ANAND JINDAL
(Professional)
(137 Points)
Replied 26 February 2010
Service Tax Notifications
Attached File : 58 service.zip downloaded: 190 times
CA ANAND JINDAL
(Professional)
(137 Points)
Replied 26 February 2010
Please find enclosed the finance bill 2010
Attached File : 8 finance bill.rar downloaded: 172 times
CA ANAND JINDAL
(Professional)
(137 Points)
Replied 26 February 2010
Key Highlights of Union Budget 2010-11
Economy
- Business sentiment weak at the time of last Budget
- Averted crisis, Indian economy far better situation
- Short-term global outlook bleak during FY10 Budget
- Need to make recovery broad based in coming months
- Economy can achieve 10% GDP growth
- Indian economy is in a far better situation.
- Need to review stimulus, go back to fiscal prudence
- To follow calibrated exit strategy
- First challenge is to get to the high GDP growth path
- Efforts to lower inflation in next 2 months
- GDP rebounded in Q2FY10
- Renewed momentum in MFG led recovery
- High fuel prices added to inflationary pressures
- Q3 GDP at 6% Vs 7.9% (QoQ) – expectation was 7.2%
- Apr 09 –Dec 09 GDP at 6.7% vs 7.1%
- Manufacturing Output up 14.3% vs 1.3%(YoY)
- Agriculture Output at -2.8% vs -1.4%(YoY)
- Construction output up 8.7% vs 3% (YoY)
- Divestment target of 25000 Crs in FY10 & Rs.40,000 Crs in FY11.
- Focus to improve food security and health care systems
- Emergence of double digit food inflation a concern
- $20.9 bn FDI inflows during Apr-Dec '09
- Fiscal deficit revised to 6.9% in FY10.
- Rolling targets of fiscal deficit at 4.8% in 2011-12 and 4.1% in 2012-13
- 15% increase in plan expenditure and 6% in non-plan expenditure
- Fy11 Net market borrowing pegged at 3.45 lakh cr
Financial Services Sector
- RBI mulling over giving banking liscense to pvt players, nbfcs
- Sets aside Rs 16500 cr for PSU banks to get minimum 8% tier 1 capital by March 2011
- Repayment tenure for farmer loans extended by 6 months to June 30th 2011
Infrastructure
- Road transportation kitty increased 13% to Rs 19894 cr
- Budget allocates 1.73 lakh cr for infrastructure
- Govt allocates Rs 16500 cr for railways
- Delhi-Mumbai industrial corridor taken up for development
- To set up 5 more mega food park projects
- More than doubled the allocation to power sector
- Government to set up coal regulatory authority
- To establish national clean energy fund
- Propose to hike allotment for renewable energy by 61%
- Funds for power allocation raised from Rs 2232 cr to Rs 5132 cr
- Govt to have a coal regulator for allocation of coal blocks
- Govt to facilitate 20000 MMW of solar power by 2022
- 44% of total plan outlay allocated to infrastructure.
- IIFCL to double refinancing to banks for infra
- Allocation for urban development up 75% from Rs 3062 cr to Rs 5400 cr
Taxation
- Government in position to implement direct tax code and GST from April 1 2011
- Deduction of Rs 20000 on investment in infra bonds
- Change in TDS threshold limits
- Interest rate on TDS hike to 18% from existing 12%
- Change in slabs for Tax Audit
- 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%
- Minimum Alternate tax hiked to 18%
- 30% tax on income above Rs 8 lacs
- 20% tax on income between Rs 5 lacs to 8 lacs
- 10% tax on income between Rs 1.6 lacs to 5 lacs
- IT tax slabs broadened
- IT dept to notify Saral 2 form for individual tax payers
- New Corporate Tax Rate at 33.21%
- Online news agencies to attract service tax
- Service Tax rates unchanged
- Account auditing for all income above Rs 15 lacs
- More services to be brought under tax net
- Rationalisation of customs duty on gaming software
- Toys exempted from excise duty, to become cheaper
- Jewellery to be more expensive
- Monorail granted project import status
- CDs to be cheaper
- Excise duty on CFL halved to 4%
- Refrigerators to be costlier
- Customs duty on Gold and Platinum hiked
- Televisions to be costlier
- Mobile phones to become cheaper
- Peak customs duty unchanged at 10%
- Cement to be costlier
- Air conditioners to be costlier
- Excise on all non smoking tobacco raised
- 7.5% duty on petrol and diesel restored
- 5% duty on crude petroleum restored
- Fuel prices likely to go up
- Excise duty on petrol and diesel raised to Rs 1/litre
- Cigarettes to be costlier
- Excise on large cars,SUVs, MUV raised to 22%
- Partial rollback in Excise Duty from 10% to 8%
- Excise on large cars,SUVs, MUV raised to 22%
- Presumptive tax limit raised to Rs 60 lacs
- Investment linked deduction benefit for 2 Star hotels
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