FM has started speech of BUDGET 2010. Whats ur take?
Satvir Singh (Newly minted CA) (1733 Points)
26 February 2010FM has started speech of BUDGET 2010. Whats ur take?
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 26 February 2010
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 26 February 2010
Gross tax receipts: Rs 7.46 lakh cr
Fiscal deficit to be brought down to 4.8% this year
09-10 fiscal deficit revised to 6.9%
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 26 February 2010
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 26 February 2010
aim to implement GST & Direct Tax Code by April 1, 2011
Gross non- tax receipts at Rs 1,48,118cr
FY11 capital for PSU Banks at Rs 16,500 crore to meet CAR targets
NBFCs could be considered for banking license & pvt. players
Bank for every village with population of 2,000
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 26 February 2010
No income tax upto Rs 1.6 lakh
10% income tax on Rs 1.6 - Rs 5 lakh
20% income tax on Rs 5 - Rs 8 lakh
30% income tax on Rs 8 lakh and above
Rs 20,000 additional tax break for infra bonds
Surcharge for companies reduced to 7.5% from 10%
Corp Min Alternate Tax up from 15 to 18%
R&D Corp Tax break up to 200%
Direct tax receipts to fall by Rs 56,000 cr
Businesses with Rs 60 lakh turnover have to audit accounts while, PROFESSIONALS WITH INCOME OF 15 lakhs have to auditAUDIT
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 26 February 2010
Standard excise rate up from 8 to 10%
Large cars, SUVs excise up to 22% from 20%
Stimulus-led excise duty rollback partially reversed
Peak excise duty increased
To levy excise duty of Re 1 on petrol
5% import duty on crude petroleum restored
Partial rollback of excise duty on cement, cement products
Excise on cigars, cigarettes to go up
Increased excise duty on all non-smoking tobacco
Rs 50/t cess on Indian coal
Excise duty on CFL & LED lights cut to 4%
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 26 February 2010
Excise revenues up, to grow Rs 43,500 cr
Service tax unchanged at 10%, to maintain stimulus
To waive excise duty on solar panels
Not to levy import tax on some equipment in road projects
Fresh services to be brought under service tax
Service tax to GDP ratio 1%
FY11 net service tax gains seen at Rs 3,000 cr
Excise on locally refined gold at Rs 280/gram
Basic customs duty on gold ore reduced
Net rev gain of Rs 43,500 crore from custom, excise proposals
Rs 2,500 crore net revenue gain for FY11
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 26 February 2010
THATS IT
PM Manmohan Singh rates it as balanced and good budget. I also think the same.
SENSEX UP over 350 points.
WHAT's ur take???
Satvir Singh
(Newly minted CA)
(1733 Points)
Replied 26 February 2010
sivaram
(Asst Mgr-Taxation)
(6918 Points)
Replied 26 February 2010
Thanks Mr Satvir Singh for the information shared on Budgets
sandip
(article assistant)
(185 Points)
Replied 26 February 2010
Budget Highlight 2010-2011
Finance Minister Pranab Mukherjee presented the Union Budget 2010-11 in parliament on Friday. Has he lived up to the expectations of the taxpayers? Is it a populist Budget? Will it also help India to grow? To find out read on..
Highlights...
LIVE Course on Foreign Exchange Management Act (FEMA)(with recording)
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)