India New Budget 2010 - 2011 Highlight Summary. HTML clipboardNet revenue from tax proposals Rs 20,500 Cr. Net gains from indirect taxes Rs 46,500 Cr.Account auditing for all income above Rs 15 lacs.More services to be brought under tax net.Section 80c investment limit hiked by Rs. 20,000.Rationalisation of customs duty on gaming software.Toys exempted from excise duty, to become cheaper.Online news agencies to attract service tax.Service Tax rates unchanged.Customs duty on Gold and Platinum hiked.Excise duty on solar panels waived. Excise duty on CFL halved to 4%.Jewellery to be more expensive.Monorail granted project import status.CDs to be cheaper.Mobile phones to become cheaper.Refrigerators to be costlier.Televisions to be costlier.Air conditioners to be costlier.Peak customs duty unchanged at 10%.Cement to be costlier.Excise duty on petrol and diesel raised to Rs 1/litre.5% duty on crude petroleum restored.Fuel prices likely to go up.Excise on all non smoking tobacco raised.7.5% duty on petrol and diesel restored.Excise on large cars,SUVs, MUV raised to 22%.Partial rollback in Excise Duty from 10% to 8%.Cigarettes to be costlier.Presumptive tax limit raised to Rs 60 lacs.Investment linked deduction benefit for 2 Star hotels.Deduction of Rs 20000 on investment in infra bonds.Weighted deduction on R&D raised to 200% from 150%.Deduction of Rs 20000 on investment in infra bonds.No tax on Income up to Rs 1.6 lacs.Current surcharge on companies reduced to 7.5%.No tax on Income up to Rs 1.6 lacs.Minimum Alternate tax hiked to 18%30% tax on income above Rs 8 lacs.20% tax on income between Rs5 lacs to 8 lacs.10% tax on income between Rs1.6 lacs to 5 lacs.IT dept to notify Saral 2 form for individual tax payers.FY11 net market borrowings pegged at Rs 3.45 lac Cr.IT exemption limit enhanced, surcharge withdrawn.FY10 budget deficit seen at 6.9% of GDP. 20 Kms of highway to be constructed everyday.FY12 fiscal deficit target at 4.8%.FY13 fiscal deficit target at 4.1%.Fiscal deficit target of 5.5% in FY11.More than 50% increase in funds for minority welfare.15% rise in planned expenditure.Govt to set up National Mission for delivery of justice.Defence capex raised to Rs 60000 Cr.Gross tax receipts of Rs 7.46 Lac Cr.Allocation fund to defence raised to Rs 1.47 lac Cr. Skill development programme for textile sector.Home loans up to Rs 20 lacs to get intrest subvention of 1% up to March 11.Government to contribute Rs 1000 per month for pension security.Rs 5400 Cr. allocated for urban development.Rs 66100 Cr. allocated for rural development.Rs 2400 Cr. for MSMEs.Pvt. sector to meet food grain storage deficit.Rs 100 Cr. woman farmer fund scheme.Rs 1,900 Cr. allocated for UID project.Social Security Fund to have corpus of over Rs 1000 Cr.National Social Security fund for unorganised workers.Intrest subvention for housing loans up to 1 lacs.Rs 10,000 Cr. allocated for Indira Awaas YojnaAllocation Package of Rs 1200 Cr. assistance for drought in Bundelkhand.Funds to Rs 48,000 Cr. for Bharat Nirman.NREGA scheme allocation raised to Rs 41000 Cr.Budget Allocation to health Rs 22,300 Cr.Spend to funds on 'Social Sector' of Rs 1.38 lakh Cr.Allocation fund to school education from Rs.26,800 Cr. to Rs.31,036 Cr.Allocation fund to power sector of Rs 5130 Cr.Allocation fund Rs.200 Cr. for Tamilnadu textile sector.Established clean energy fund.25% of plan allocation for rural infrastructure.Allotment for renewable energy hiked by 61%.Setup Coal regulatory authority.Road development hiked to Rs 19894 Cr.Rs 1.73 lakh Cr. which is 46% of total plan outlay, reserved for infrastructure development.2% loan subsidy to farmers.Farm credit targets increased to Rs 3.75 lakh Cr.Payment of Farm loan extended for six months.Interest subvention of 2% extended for handicrafts and SMEs.Allocation of Rs 3000 Cr. for agricultural impetus. Rs 165,000 Cr. additional for bank re-capitalisation.Interest subvention for exports, extended for one year. Chances of banking licenses to Pvt cos and NBFCs from RBI.Foreign direct Investment (FDI) policy to made more user friendlyReduce to 'Fertilizer Subsidy'.Target of divestment Rs 25,000 Cr.GST will implement from 2011Plan to implement 'Direct Tax Code' from April 2011Strategy to exit for fiscal stimulusReview to stimulus packages.Significant private investment inflow expected to boost GDPEconomy can achieve GDP growth of 10%FY 2009-10 was a challenging year Need to improve food security and healthcare systems Indian economy in far better position than last year, says Pranab
Get Sample Now Which service(s) are you interested in? Export Data Import Data Both Buyers Suppliers Both OR Exim Help + Exim News Date: 19-04-2024 ANZ Bank in talks with Australia Pensions on India investments Date: 19-04-2024 India's FY24 pulses imports hit 6-year high as red lentil purchases jump Date: 19-04-2024 India's trade deficit with ASEAN expands since FTA of 2010 Date: 18-04-2024 New Indian envoy meets Russian Foreign Minister Sergey Lavrov; discusses high-level bilateral exchan Date: 18-04-2024 India's economy to grow at 8-8.3 pc in current fiscal: PHDCCI Date: 18-04-2024 Ahead of Elon Musk's visit, Centre notifies liberalised FDI norms for space sector to boost foreign Date: 17-04-2024 RBI issues directive for cardholders, says no entity except card issuer, card networks can store tra Date: 17-04-2024 CBDT signs record number of 125 Advance Pricing Agreements in FY24 Date: 17-04-2024 India to remain global growth driver in foreseeable future: IMF executive director Date: 17-04-2024 Oil prices broadly steady, economic woes offset geopolitical support What is New? Date: 12-04-2024 NOTIFICATION No. 09/2024 – CENTRAL TAX Seeks to extend the due date for filing of FORM GSTR-1, for the month of March 2024 Date: 10-04-2024 NOTIFICATION No. 08/2024- Central Tax Seeks to extend the timeline for implementation of Notification No. 04/2024-CT dated 05.01.2024 from 1st April, 2024 to 15th May, 2024 Date: 08-04-2024 Notification No 07/2024 – Central Tax Seeks to provide waiver of interest for specified registered persons for specified tax periods Date: 04-04-2024 Notification No. 27/2024 - Customs (N.T.) Exchange Rate Notification No. 27/2024-Cus (NT) dated 04.04.2024-reg Date: 26-03-2024 Notification No. 24/2024 - Customs (N.T.) Exchange Rate Notification No. 24/2024-Cus (NT) dated 26.03.2024-reg Date: 14-03-2024 NOTIFICATION No. 17/2024-Customs Seeks to amend notification No. 57/2017-Customs dated 30.06.2017 so as to modify BCD rates on certain smart wearable devices. Date: 12-03-2024 NOTIFICATION No. 15/2024-Customs Seeks to amend specific tariff items in Chapter 90 of the 1st schedule of Customs Tariff Act, 1975. Date: 12-03-2024 NOTIFICATION No. 16/2024-Customs Seeks to amend Notification No. 50/2017-Customs dated 30.06.2017 so as to change the applicable BCD rate on specified parts of medical X-ray machines. Date: 07-03-2024 Notification No. 18/2024 - Customs (N.T.) Exchange Rate Notification No. 18/2024-Cus (NT) dated 07.03.2024-reg Date: 06-03-2024 Notification No. 13/2024-Customs Seeks to amend notification No. 50/2017- Customs dated 30.06.2017, in order to reduce the BCD on imports of meat and edible offal, of ducks, frozen, subject to the prescribed conditions, with effect from 07.03.2024.
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