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Petrol prices to rise

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)

26 February 2010

Union Budget gives this gift too...

Excise duty on petrol and diesel raised to Rs 1/litre

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5 Replies

Varun Gupta (Student) (38 Points)
Replied 26 February 2010

R&D deduction 150% to 200 %

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Varun Gupta (Student) (38 Points)
Replied 26 February 2010

No Change of Service Tax

Varun Gupta (Student) (38 Points)
Replied 26 February 2010

Gold import duty Rs.300/10grm

Varun Gupta (Student) (38 Points)
Replied 26 February 2010

Budget Over

CA Dhiraj Ramchandani (CA, M. com) (10823 Points)
Replied 26 February 2010

SUMMARISED HIGHLIGHTS OF BUDGET 2010 - 11

FM prunes tax rates:
Income up to Rs 1.6 lakh - nil Income above Rs 1.6 lakh and up to Rs 5 lakh - 10 per cent
Income above Rs 5 lakh and up to Rs 8 lakh - 20 per cent
Income above Rs 8 lakh - 30 per cent.
Income Tax department ready with two-page Saral-2 return forms for individual salaried assesses.
New tax rates would offer relief to 60 per cent of tax-payers.
Government's net borrowing to be Rs 3,45,010 crore for 2010-11.
Additional deduction of Rs 20,000 allowed on long term infrastructure bonds for income tax payers; this is above Rs one lakh on saving instruments allowed already.
A unique identity symbol would be provided to the Indian Rupee in line with US Dollar, British Pound Sterling, Euro and Japanese Yen.
Fiscal deficit seen at 4.8 per cent and 4.1 per cent in 2011-12 and 2012-13 respectively.
Total expenditure pegged at Rs 11.8 lakh crore, an increase of 8.6 per cent.
Gross tax receipts pegged at Rs 7,46,656 crore for 2010-11, non-tax revenues at Rs 1,48,118 crore.
FM appeals to "misguided elements" (left wing extremists) to eschew violence and join the mainstream.
Planning Commission to prepare integrated action plan for Naxal-affected areas.
Defence allocation pegged at Rs 1,47,344 crore in 2010-11 against Rs 1,41,703 crore in the previous year. Of this, capital expenditure would account for Rs 60,000 crore.
Fiscal deficit pegged at 6.9 per cent in 2009-10 as against 7.8 per cent in the previous fiscal.
Finance Minister to continue giving cash subsidy for fuel and fertiliser instead of previous practice of bonds.
Non-plan expenditure pegged at Rs 37,392 crore and Plan expenditure at Rs 7,35,657 crore in budget estimates. 15 per cent increase in plan expenditure and six per cent in non-plan expenditure.