Discuss budget 2009 and its implications here!!
Discuss Budget 2009 and its implication!!
Admin (CCI Team) (12880 Points)
05 July 2009
BALASUBRAMANYA B N
(CCI STUDENT....)
(44679 Points)
Replied 05 July 2009
THEY WILL INCREASE SLAB RATE 30K, HOPE REMOVE SURCHARGE AND FBT...INTRODUCE STANDARAD DEDUCTION AGAIN....
praveen
(Chartered Accountant)
(6971 Points)
Replied 06 July 2009
yeah and dont forget increase in Excise and Service tax.
Prabeer
(B. COM (H) CA & CS Final)
(5484 Points)
Replied 06 July 2009
Budget 2009-10 Highlights:
· Maintaining overall excise, customs and service tax
· Custom duty on set-top boxes is now 5%
· Tax holiday extended for commercial production of natural gas
· Political funding will get 100% tax deduction
· CTT abolished
· National Pension Scheme exempted from STT
· MAT reduced to 15% of book profits, MAT tax credit increased from 7 years to 10 years
· 4% excise duty on cotton restored
8% excise duty on man-made fibers brought back Maintaining overall excise, customs and service tax reduced
mohan
(Article)
(68 Points)
Replied 06 July 2009
FBT CDT scrapped, Surcharge scrapped and MAT increased to 15% , tax exemption for woman increased by 10000 for senior citizen by 15000 and for others 10000
no change in corporate taxation except presumtive taxation of 8% and no need to pay advance tax.
Rahul
(CA Final Student)
(280 Points)
Replied 06 July 2009
Abhishek gupta
(CA & CS)
(285 Points)
Replied 06 July 2009
Originally posted by :Þräßéêr | ||
" | Dear Admin, I think in general, the threshold limit for taxable income will be increased and the service tax rate will be brought to 12.36% as it was prior to 24-Feb-09. |
" |
Omkar
(Student)
(255 Points)
Replied 06 July 2009
This Budget is Ok but not as per public expectation.
Dilip Kadam
(services)
(119 Points)
Replied 06 July 2009
Pls udate about Transport of Goods through road.
it is exempted
Regards
Dilip Kadam
Balaji R K
(Salaried)
(158 Points)
Replied 06 July 2009
But for FBT budget is not that much attractive for both Corporates and Individuals. The expectations were more from the finance ministry however the outcome of the budget will not satisfy the Corporates and Individuals on the whole.
CA Hemantkumar,M.COM,ACA,DISA,cVa.
(Chartered Accountant)
(98 Points)
Replied 06 July 2009
The Budget seems to be ok for individual but not for Companies
The Major higlights seems to
Tax slab increased to 1.60 lacs For men & 1.9 Lacsfor women 2.4lacs senior citizen
FBT ablolished
Rate of TDS U/s 194C & 194I reduced
Pan Compulsion otherwise Tds @ 20%
CTT abolished
MAT @ 15%
44 AD amended to include Presumtive taxation for all businessman @ 8% if turnover below 40Lacs
Adavnce Tax only if it is above 10K
Remuneration slab For partner increased upto 3 lacs
Setion 56 ameded to include transaction for non considederation or without consideration
Service tax to include Lawyer except receipient/provider is individual
Service tax to exclude Sub Broker from ser tax net
Overall some changes which are good
The budget should have granted the relief for Housing Loan upto 3 lacs & needed to increase 80C limit to 1.5 lacs
Subhendu S Sanyal
(B.Com(C.S.),CA FINAL )
(666 Points)
Replied 06 July 2009
ITS A TAXPAYER'S BUDGET...
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Course on Foreign Exchange Management Act (FEMA)(without recording)