Indian Budget 2009
At last the suspence was finished. Now Indians got an idea of the budget in the year 2009. There are many discussions going on as this budget is very critical due this economic slow down.
So the Indian budget is as follows.
Customs duty on bio-diesel reduced.
Silver to cost more.
Tax to be levied on Law Firms.
Textile units to receive tax holiday.
LCD TVs to cost less. Custom duty on LCD TVs cut from 10% to 5%.
Set-Top Boxes to cost more. Customs duty of 5% on set-top boxes.
To extend tax holiday for commercial production of mineral oil and natural gas.
Enhance budgetary support by Rs 40,000 cr.
Service tax levied on law firm
Custom duty on gold re-imposed
Customs duty to be reduced on drugs for heart treatment
No new tax on edible oil imports
4 per cent excise duty on cotton products restored
Customs duty on bio-diesel reduced
Life saving devices on heart contidion exempted from custom duty
Small business exempt from advance tax
To maintain overall customs and excise duty structure
Tax holiday to natural gas extended
Tax slab raised
MAT hiked to 15 per cent of book profit
Fringe Benefit Tax and Commodity Transaction Tax abolished.
Personal income tax exemption hiked by Rs 10,000. No surcharge of 10% on personal income tax.
Centralised processing center at Bengalooru to streamline taxation.
No change in corporate tax.
Tax holiday for exporters extended untill 2012
Personal income tax exemption hiked by Rs 10,000
Abolish fringe benefit tax
Goods and services tax from April 1, 2010
Federal Tax/GDP ratio is 11.5 per cent.
No surcharge of 10 per cent on personal income tax
Increase in exemption slab for senior citizen
No change in corporate taxes
Hike in IT exemption for women to Rs 1,90,000
Govt committed to tax reforms
Increase automation in direct tax collection
New tax code in 45 days
Centralised processing center at Bengalooru to streamline taxation
Income tax forms should be user friendly
Tax system should be such that it shold encourage voluntary compliance
Saral form 2 will be introduced
Fringe Benefit Tax abolished.
No surcharge of 10% on personal income tax.
Centralised processing center at Bengalooru to streamline taxation.
No change in corporate tax. Increase in exemption slab for senior citizens by Rs 15,000.
Fiscal deficit at 6.8% of GDP.
Proposes Rs 500 cr for rehabilation of displaced persons of northern and eastern areas of Sri Lanka.
Aila Relief proposed at Rs 1,000 crore.
Increased allocation for higher education. Rs 2,113 cr for IITs and NITs. Rs 25 cr each for AMU campuses in Murshidabad and Mallapuram.
Defence outlay goes up. Allowances to para-military forces at par with defence forces.
One rank, one pension for ex-servicemen.
Allocation for Commonwealth Games to be raised to Rs 3472 crore
Online job exchange to be started with private partnership.
Increased allocation for higher education.
Allowances to para-military forces at par with defence forces. One rank, one pension for ex-servicemen.
Hike in allocation for Commonwealth Games.
Online job exchange to be started with private partnership.
Unique ID plan to roll out in 12-18 months.
Top people from private sector to be given responsibility of vital national projects.
Interest subsidy for home loans up to Rs 1 lakh.
Rural mega clusters in Bengal and Rajasthan.
To add handloom clusters in West Bengal and Tamil Nadu.
75% hike in irrigation projects.
Rural Housing: Allocation to Indira Awaas Yojna hiked by 63% to Rs 8,883 cr. Rs 7000 crores for rural electrification scheme.
Rs 31,100 crore allocation for NREGA. NREGA gave employment opportunities to more than 4.479 cr households.
Banks, insurance to stay with Govt. Banking network to be expanded.
Expert panel to look into petroleum product pricing. Domestic oil prices must be in sync with global prices.
'Aam Admi' is now the focus of all our programmes and schemes: Pranab
Tax system should be such that it should encourage voluntary compliance.
Income Tax forms to be made user-friendly. Saral-II forms to simplify taxation process.
Tax collectors should be like honey bees without disturbing the flower but spreading the pollen: Pranab
Export Credit Guarantee scheme extended till March 2010.
Stimulus package to print media extended till December 31.
Farmers loan interest to come down to 6%. Interest subvention scheme for farm loans to be manitained.
Additional budget allocation for farmers.
IIFCL will refinance 60% of commercial bank loans in PPP. IIFCL to look at infrastructure needs.
Mumbai flood management allocation hiked to Rs 500 cr.
87% rise in urban renewal mission. Housing allocation hiked.
Fiscal stimulus at 3.5% of GDP
Allocation for NHAI up 23%
Trade in goods and services doubled in 2008
Job creation hit due to economic slowdown: Pranab
Government took 3 stimulus packages to fight slowdown. The two worst quarters of the global economic crisis is now behind us: Pranab
One budget can not solve all problems: Pranab
Foreign capital inflow is important
Increased focus on growth and encourage nation's development
Sustain growth rate of 9% for a longer period. Farm sector growth at 4%
Union Finance Minsiter begins his speech.
This is Pranab Mukherjee's 4th budget.
Cabinet approves Union Budget.
The grand idea of a slum-free India in five years may see FM allocate around Rs 1,500 crore in Budget 2009-10 for building 1,00,000 houses.
The government may extend the tax holiday for software exporters beyond March 2010.
The auction of 3G spectrum is expected to be a part of the budgetary announcements.
Tags: Budget , 2009 , India , Tax
