The post contains the highlights of the union budget 2010. Though it is still exhaustive but tried to make it simple UNION BUDGET 2010-11 * Online news agencies to attract service tax * Service Tax rates unchanged * Account auditing for all income above Rs 15 lacs * More services to be brought under tax net * Rationalisation of customs duty on gaming software * Toys exempted from excise duty, to become cheaper * Jewellery to be more expensive * Monorail granted project import status * CDs to be cheaper * Excise duty on CFL halved to 4% * Customs duty on Gold and Platinum hiked * Refrigerators to be costlier * Televisions to be costlier * Mobile phones to become cheaper * Peak customs duty unchanged at 10% * Cement to be costlier * Air conditioners to be costlier * Oppostion walkout in Lok Sabha * Uproar in Parliament over hike in fuel prices * Excise on all non smoking tobacco raised * 7.5% duty on petrol and diesel restored * 5% duty on crude petroleum restored * Fuel prices likely to go up * Excise duty on petrol and diesel raised to Rs 1/litre * Cigarettes to be costlier * Excise on large cars,SUVs, MUV raised to 22% * Partial rollback in Excise Duty from 10% to 8% * Excise on large cars,SUVs, MUV raised to 22% * 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% * No tax on Income up to Rs 1.6 lacs * Current surcharge on companies reduced to 7.5% * Minimum Alternate tax hiked to 18% * 30% tax on income above Rs 8 lacs * 20% tax on income between Rs 5 lacs to 8 lacs * 10% tax on income between Rs 1.6 lacs to 5 lacs * IT tax slabs broadened * IT dept to notify Saral 2 form for individual tax payers * IT exemption limit enhanced, surcharge withdrawn * FY11 net market borrowings pegged at Rs 3.45 lac Crs * 20 Kms of highway to be constructed everyday * FY10 budget deficit seen at 6.9% of GDP * FY12 fiscal deficit target at 4.8% * FY13 fiscal deficit target at 4.1% * More than 50% increase in funds for minority welfare * Fiscal deficit target of 5.5% in FY11 * 15% rise in planned expenditure * Govt to set up National Mission for delivery of justice * Gross tax receipts Rs 7.46 lac Crs * Defence capex raised to Rs 60000 Crs * Allocation to defence raised to Rs 1.47 lac Crs * Pvt sector to meet food grain storage deficit * Rs 100 Cr woman farmer fund scheme * Rs 1900 Crs allocated for UID project * 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 Crs allocated for urban development * Rs 66100 Crs allocated for rural development * Rs 2400 Crs allocated for MSMEs * Social Security Fund to have corpus of over Rs 1000 Crs * National Social Security fund for unorganised workers * Intrest subvention for housing loans up to 1 lacs * Rs 10,000 Crs allocated for Indira Awas Yojna * Rs 1200 Crs assistance for drought in Bundelkhand * Rs 48000 Crs for Bharat Nirman * NREGA scheme allocation raised to Rs 41000 Crs * Allocation to health Rs 22,300 Crs * 25% of plan allocation for rural infrastructure * Social sector spending seen at Rs 1.38 lakh Crs * Allocation for school education up from Rs 26800 Crs to Rs 31036 Crs * Allocation to power sector at Rs 5130 Crs * Rs 200 Crs for Tamilnadu textile sector * One time grant for Tirupur exports * Draft food security Bill ready * Clean energy fund to be established * Allotment for renewable energy hiked by 61% * Coal regulatory authority to be set up * Road development hiked to Rs 19894 Crs * Rs 1.73 lakh Crs, which is 46% of total plan outlay, reserved for infrastructure development * 2% loan subsidy to farmers * Farm credit targets to be increased to Rs 3.75 lakh Crs * Farm loan payments to be extended for six months * Interest subvention of 2% to be extended for handicrafts and SMEs * Rs 300 Crs for agricultural impetus * Additional Rs 1,65,000 Crs for bank re-capitalisation * Intrest subvention for exports to extended for one year * RBI may give banking licenses to Pvt cos and NBFCs * FDI policy to be made more user-friendly * To discuss Kirit Parikh report in due course * Fertiliser subsidy to be reduced * Divestment target of Rs 25,000 Crs * GST to be implemented from 2011 * Hope to implement Direct Tax Code from April 2011 * Calibrated exit strategy for fiscal stimulus * Need to review stimulus, go back to fiscal prudence * Significant private investment inflow expected to boost GDP * Economy can achieve GDP growth of 10% * India faces a challenge of reverting to double digit growth * 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 * Pranab Mukherjee starts Budget speech * Pranab Mukherjee arrives in Parliament * Parliament to convene at 11 am * All eyes on stimulus rollback * Pranab Mukherjee reaches North Block
