-
Small businesses exempt from advance tax
-
Custom duty on LCD panels halved
-
Set-top boxes to cost more, 5%custom duty levied
Highlights of Budget 2009
Page no : 3
CA Nikita
(Chartered Accountant)
(4158 Points)
Replied 06 July 2009
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
CA Nikita
(Chartered Accountant)
(4158 Points)
Replied 06 July 2009
No Excise duty on branded jewellery...
Legal consultants will need to pay service tax unless he is an individual
Customs duty on bio-diesel reduced
Tax holiday extended for textile units
CA Nikita
(Chartered Accountant)
(4158 Points)
Replied 06 July 2009
-
Drugs for heart diseases to become cheaper
-
Customs duty on gold and silver import increased
-
Mobile phone accessories to become cheaper
No new tax on edible oils import
National Pension scheme removed from STT
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.
CA Nikita
(Chartered Accountant)
(4158 Points)
Replied 06 July 2009
No change on service tax on consultancy by CA's ans CS's
Aashish Dinanath Tripathi
(Articled Assistant and NCFM(CMDM))
(233 Points)
Replied 06 July 2009
The carry forward of Tax credit to be increased to 10 years then previous 7 years.
GST from 2010
FBT Abolished
Surcharge on DT abolished with immediate effect.HAve Phun
Section 80DD deduction upto Rs. 100000
MAT raised to 15 %
Slabs:
Corporate tax-No change
Individual/AOP/BOI/HUF: Rs.1,60,00
Female individuals-Rs.1,90,000
Senior citizens-Rs. 2,40,000
Widening of the courses for which deduction of interest on Education loans is alloed to inclde every Vocational course after 12th from any registered College/University.
Nothing special about this budget, nothing abt DIsinvestment or oil poliy or exact steps to cope with Fiscal deficit
So, Till Next Budget,
NJOY
RADHE RADHE.
Kapil Kotwal
(Assistant Manager-HR)
(46 Points)
Replied 06 July 2009
Thnx Niketa for sharing the updates.....
Regards,
Kapil Kotwal
CA Nikita
(Chartered Accountant)
(4158 Points)
Replied 06 July 2009
-
Hike in IT exemption for women to Rs 1,90,000
-
Hike in IT exemption to Rs 2,40,000 for senior citizens
10k increased for individuals
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 06 July 2009
so nikita, do u mean to say that individuals will be hanging out till 150000 only??????
rangaswamy .d.r
(articleship)
(35 Points)
Replied 06 July 2009
| Originally posted by :CA Nikita | ||
| " | thanks nikitha , in my article training really i have that feeling that i would hav missed out this highlight , its helped me lot |
" |
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