The slab rate for individuals will be am major releif those earning upto Rs 800000 can save upto Rs 50000 on Income tax.

Yes prasad, its true,... now more and more people will come forward and disclose their incomes..... thats one of the great benefits

@ Dhiraj yes very true it's good to see the salaried class getting more benefits in every budget.

Any Change in the 100000 limit on investments under 80 C ??

Yup, they are alwz benefitted bro...

But anywz, the budget was not RUDE this time or non-satisfactory... It was OK.., lukin to the current scenario

MAT Increased 18%

Interest on TCS Late payment 18%

can any one tell me changes made in section 40 i(a) their is some changes regarding interest on tds and disallowance in budget

can any one tell me changes made in section 40 i(a) their is some changes regarding interest on tds and disallowance in budget

HI ankit, i think there is no such amendment in new budget... Coz, i went through almost every detail, but could not find it anywhere... Anywz, let others repply too

Since when (effective date) are the increase in Excise Duty applicable.. ????

Interest for late payment of TDS has been increased from 12% to 18%

and there is some chnages (relaxation) given w.r.t TDS to be deducted and time till when they can be deposited...

Roughly ...expneses on which TDS deducted and paid till Sept / filing of return can be claimed as tax deductable expense

 Budget 2010-2011 

Budget 2010 Flashes

12:43  Setting up of cold storages exempted from service tax: Ernst & Young

12:42  Simplified corp taxation for cos upto 60 lacs t/o: BMR

12:41  Presumptive taxation increased on small cos: BMR

12:41  Hike in CET for refined pdts negative for OMCs

12:40  Ad-valorem excise duty on MUVs increased: Ernst & Young

12:39  Increase in excise duty on non-tobacco products: BMR

12:39  Redn in personal tax rate saving of Rs.50k upto 8l Incom: Ernst & Young

12:38  Excise duty on Cig increased; quantum will impact ITC

12:37  Excise duty on tobacco -ve for ITC: Ernst & Young

12:37  No CG tax on conversion to LLP'S: BMR

12:36  Basic customs duty on crude petroleum restored to 5%: Ernst & Young

12:36  Customs duty of 5% on crude negative for OMCs

12:35  Excise on SUVs up to 22% from 20% - ve for M&M, Tamo

12:34  Excise duty on large cars increase -ve for Tata Motors, Ashok Ley: Ernst & Young

12:34  Peak excise duty increased; -ve for Auto, Steel, Cement Co

12:33  Stimulus package partially rolled back: Ernst & Young

12:33  Reduction in Personal Tax rate saving of Rs50,000 upto Rs 8 lakh income

12:32  Excise duty hiked to 10% expected rise

12:32  Roll back in central excise from 8% to 10%: Factored in

12:32  Peak excise duty rate increased from 8% to 10%: Ernst & Young

12:31  Direct tax revenue proposals to lead to Rs 26000 cr loss: BMR

12:31  Red of Corp Tax Surcharge to Red Corp Tax Rate By 1%: Ernst & Young

12:30  Rs 26000 cr revenue loss on account direct tax proposals

12:29  Low tax, high purchasing power volume boost for FMCG cos

12:29  Conversion of partnership to Llp encouraged: Ernst & Young

12:28  Int on TDS not deposited increased to 18% pa: Ernst & Young

12:27  Weighted Ded on R&d +ve for Tata Motors, Ashok Ley: Ernst & Young

12:26  Tax audit limit increased to 60 lakhs for business: Ernst & Young

12:26  Pharma cos impact neutral Mat vs Weighted Deduction: Ernst & Young

12:25  MAT 18% on booked profits not assets should be positive

12:24  Tax holiday for Hotel ind; +ve for Indian Hotels, EIH: Ernst & Young

12:23  RIL, FMCG cos impacted by MAT increase

12:22  Weighted deduction on R&D +ve for Pharma and Auto: Ernst & Young

12:21  Surcharge cut; +ve for India Inc

12:21  MAT increased to harm IT and infrastructure companies: Ernst & Young

12:21  Surcharge reduced to 7.5% from 10%: BMR

12:19  MAT increased to 18%; -ve for RIL, HUL, Bharti, Rcom

12:19  Increase MAT from 15% to18% on book profits: BMR

12:19  Infra bond tax deduction +ve for IDFC, PFC

12:19  Corporate surcharge reduced to 7.5% but MAT increased: Ernst & Young

12:18  Surcharge reduced from 10% to 7.5%: Ernst & Young

12:18  10% tax on annual income from Rs 1.6 lakh to 5 lakh: BMR

12:18  AddTax deduction of Rs 20,000 on inv in infra bonds

12:17  Tax slabs increased will enhance spending: Ernst & Young

12:17  Increase in take home for individuals enhance consumption: Ernst & Young

12:16  No tax on annual income upto Rs 1.6 lacs: BMR

12:16  Tax slabs rationalised for individuals: Ernst & Young

12:16  Scope of Settlement Commission for excise & customs expanded: Ernst & Young

12:15  New version of Saral ready for salaried employees: BMR

12:15  Settlement Commission to cover raid cases: BMR

12:14  Return filing procedure to be simplified: Ernst & Young

12:14  Simplification of tax compliance: Ernst & Young

12:13  Saral 2 form to be introduced in a simplified version: Ernst & Young

12:13  Increased computerization of central and state tax administration: Ernst & Young

12:12  Pilot projects for tax grievances extended to four cities: BMR

12:11  Automation to reduce physical interface with department: Ernst & Young

12:10  Technology driven tax administrative reforms: Ernst & Young

12:10  FY11 borrowing lower than est +vs for PSU banks

12:09  Subsidy delivery in cash to oil & fertiliser companies

12:08  Extending govt fert subsidy in cash: + ve for fert cos

12:08  Extending govt fert subsidy in cash: + ve for fert cos

12:08  Revised fiscal deficit for 2009-2010 at 6.9%

12:08  All subsidy in cash

12:07  Gross non- tax receipts at Rs 1,48,118cr: BMR

12:07  Deficit 4.3% for FY12

12:05  Gross tax receipts at Rs 7,46, 651cr: BMR

12:04  New technology platforms for new legislations positive for IT sector: Ernst & Young

12:03  Rs 60000cr defense capex :BEL, M&M, L&T, Nelco

12:02  UID scheme Budget Rs 1900 crore IT companies, Bartronics in fosus

12:02  Higher defence allocation +ve for L&T: BMR

12:01  Smart card extension positive for Glodyne Tech: Ernst & Young

12:00  Banking license for NBFCs, private players positive for IFCI, Reliance Capital

12:00  UID commitment to be met in 2010: + ve for Bartronics, TCS

11:59  RBI licenses to private players +ve for Reliance Capital: BMR

11:54  Smart Card extended to NREGA; focus Bartronics

11:50  Slum Free India at the earliest: +ve for HDIL (SRA)

11:50  Extension of interest subvention to March: Parsvanath, Sobha

11:49  Focus on slum redevelopment positive for real estate: Ernst & Young

11:49  Interest subvention for low cost housing: HDIL, Parsvanath

11:48  Increase allocation for urban development by more than 75%

11:47  Higher outlay for educations; +ve for Educomp, Edserv, Core Proj

11:47  Rs 61, 000 crore rural programmes positive for Hero Honda, PNB

11:46  Rs 66,100cr for rural devpt this year: BMR

11:43  Education outlay increased by Rs 3236: Educomp, Everonn

11:43  3675 cr grant on education to states : +ve for Educomp, Everonn

11:41  Rs 200 cr for Tirupur, TN Textile facility: BMR

11:40  National clean energy fund; +ve for Suzlon, JP Hydro

11:40  20000 MW solar power +ve for Monnet Ispat

11:38  Setting up of Coal Regulatory Authority positive for cement, steel companies

11:38  Increased refinancing by IIFCL;+ve for infra companies

11:38  Increased refinancing by IIFCL;+ve for infra companies

11:37  Solar energy impetus Moser Baer in focus

11:37  Double allocation to power;+ve for NTPC, Rel Power, Adani Po

11:37  Competitive bidding process for captive mining blocks: BMR

11:37  Higher power allocation to benefit power & dist companies: Ernst & Young

11:36  13% higher road allocation;+ve for Punj, Gammon, Nagarjuna

11:35  Intro of new legislations administrative reforms is key: Ernst & Young

11:35  13% higher road allocation;+ve for IVRCL, HCC, L&T

11:34  Increased allocation for road Gammon, IRB, j kumar +ve

11:34  To raise allocation for road transport by 13%

11:33  Provided Rs 1,73,552 crore for infrastructure development

11:33  Easy access for funds to marine and cold storage facili: Ernst & Young

11:32  ECB's will be available for food processing sector

11:31  Addtional banking license IDFC and IFCI in consideration

11:31  Repayment Extension For FarmerTo June 2010: +ve Bob Pnb

11:30  SEZ's recorded 127% YoY export growth in last 3 qtrs: BMR

11:29  Rs 300cr for agriculture impetus Jain Irrigation, Advanta India

11:29  Recapitalisation of banks +ve Uco Bank, CBI

11:28  Interest subvention extended to March 11

11:28  Textiles, Gems and Jewellery benefit from Int Sub Extension

11:27  Recapitalization of banks positive for Syndicate Bank, Dena Bank

11:27  NBFC could be considered for banking licenses: IDFC

11:26  Banking sectors reforms to be introduced: Ernst & Young

11:24  RBI considering addl licenses to private players: BMR

11:23  FDI policies to be consolidated - positive step: Ernst & Young

11:23  Aims to make FDI policy userfriendly: BMR

11:21  Oil Ministry to take decision on Parikh Report

11:20  Deferment of GST negative for corporates in FY10-11: Ernst & Young

11:18  FM reaffirms commitment to GST; likely roll-out in April 2011: Ernst & Young

11:17  Direct tax code to be implemented from April 1, 2011: Ernst & Young

11:17  Direct tax code to be implemented from April 1, 2011: Ernst & Young

11:16  Budget has given indication that better targeting of subsidies will be the key objective

11:15  Focus on development of infrastructure in rural and urban areas likely

11:12  Budget realises the need to strengthen food security

11:11  State of the economy better