GST bill will be passed in the session .. mostly it will be applicable from this year

Updates from the union budget 2011 are:

1. The personal income tax exemption limit has been hiked from Rs. 1,60,000 to Rs. 1,80,000 for men.

2. The exemption limit for women stays unchanged at Rs. 1,90,000.

3. The tax exemption limit for senior citizens has been increased to Rs, 2,50,000.

4. The tax exemption limit for senior citizens above 80 has been increased to Rs, 2,50,000.

5. The minimum age to qualify for being a senior citizen is now 60 years, as against 65 years earlier.

6. Government to introduce GST (Goods and Service Tax Bill) in the current Parliamentary session.

7. GTC To roll out from 1st April, 2012.

8. Introduction of GTC, GST to improve compliance.

9. Economic growth of 8.75%-9.25% expected in 2011-12.

10. Fiscal deficit to be at 3% of state deficit by FY14.

11. New nutrient-based fertilizer policy on urea being considered.

12. Government to move to direct tax subsidy for kerosene and fertilizer.

13. The divestment target for FY12 is Rs. 40,000 crores.

14. The GDP growth has been pegged at 8.6%, the agricultural growth at 5.4%, industrial growth at 8.1 %, and services growth at 9.6%.

15. The food inflation which was at 0.2% last year, was at 9.3% in January this year, but is still an area of concern, says the FM Pranab Mukherjee.

16. Housing loan limit raised to 25lacs for priority sector lending.

17. 1% interest subvention on home loans upto 15 lacs.

18. Government is also mooting liberalizing the FDI policy in the country.

19. FIIs will now be allowed to invest in mutual funds schemes.

20. FII investment limit in corporate bonds hiked to $ 40 billions.

21. A host of new bills to bring reforms in the financial sector to be introduced in the current parliamentary session including Pension Bill, LIC Bill, Banking Laws Amendment Bill and SBI Subsidiaries Bill.

22. Bill to allow RBI to grant more banking licenses under consideration.

23. Panchayats to go global now with broadband internet connections.

24. Rs. 10,000 crores to be granted to NABARD as short-term credit fund.

25. Rs. 100 crores equity funds to be granted to microfinance institutions.

26. Subsidies to reach BPL families directly now under a new scheme, the modalities of which will be worked out by Nandan Nilekani.
 

The new Income Tax threshold are:

1. Upto Rs. 1.6 lacs per year - no tax

2. Rs. 1.6 - 5 lacs per year - 10%

3. Rs. 5 - 8 lacs per year - 20%

4. Higher - 30%

Other steps:

1. Only 2 pages in the IT filing form for individuals

2. More cases can now be appealed against

3. Rs. 20,000 tax exemption for investments in certain investment bonds. This is in addition to the Rs. 1,00,000 already allowed in certain savings instruments.

4. Exemption for contribution to the Central Government Health Scheme (CGHS)
 

Hii Sumiti jain ,      The personal income tax exemption limit has been hiked from Rs. 1,60,000 to Rs. 1,80,000.

This budget is very disappointed because there is nothing for reducing prices of daily things like milk etc.

This is only a timepass budget and nothing like we expected for inflation.

Corporate Tax surcharge reduced from 7.5% to 5%

IT exemption raished from Rs. 1.6 to Rs. 1.8 Lakh

MAT up from 18% to 18.5%

Congress is shows more affection to rich class. look at their 5 years track record everytime they they give lots of ease to rich people and then call is AAM Admi budget. As usual Manmohan singh ans sonia will appreciate it and Kapil sibbal, manish  tiwari and manu singhvi defend it. In fact AAM AAdmi is made foool everytime. What sense does it make to make LED TV more cheaper where 1/3 population is below poverty line. Poor people always get peanuts or sometime nothing. Rediculous!!

Cngress is a Failed to geve good governance to India:

A) No control in Inflation.

b) Corruption and Scams are at it apex

c) failed to counter Terrorism. Infact Terrorims is much big issue they are even not in a position to counter Naxal

d) Making drift among indian citizen on the ground of Religion and cast to detract focus form above.

Ukhad k Fenk do Congress Ko India se.

The Companies Bill 2009, which seeks to replace a half-a-century-old Act, will be presented in Parliament in the ongoing Budget session, Finance Minister Pranab Mukherjee on Monday said.

The new Companies Bill, which was tabled in the backdrop of the Rs 14,000 crore Satyam fraud, promises greater shareholder democracy and stricter corporate governance norms.

"The Companies Bill introduced in Parliament in 2009 has been received by the Parliamentary Standing Committee. The proposed Bill will be introduced in Lok Sabha in current session," Mukherjee said, while unveiling his Budget proposals

Is any changes in tds structure

Following two new services are proposed to be introduced

1. Services by air-conditioned restaurants having license to serve liquor

2. Short-term accommodation in hotels/inns/clubs/guest houses

NO  RELIEF FOR WOMEN ASSESSEE

surcharg on domestic company will be reduced by 7.5% to 5% ....

and there is no tax benifit is given in respect of women.. whats going on Mr .financial minister :)

The minimum age to qualify for being a senior citizen is now 60 years, as against 65 years earlier.

The income tax slabs have been increased by Rs. 20,000/-

There was a need roll back MAT to 15% and reduce the corporate tax to 25%.

The FM should have increased the limit of 80C deductions to Rs 1,50,000/-

This Budget does not have any good proposals.