Union Budget 2010-11 Final

8/7/2019 Union Budget 2010-11 Final

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What is Budget ?

Importance

Common Man View Point What Young India Wants

Effects on Indian Economy

Conclusion


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A financial statement detailing theestimated receipts and expenditures ofthe central government for theforthcoming fiscal year and a financialreview of the current fiscal year


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India's public finance system follows theBritish pattern.

In India the Budget is presented in

Parliament on a date fixed by thePresident.

Date: 26-29 February

R K Shanmukhan Chetty (Nehru's Cabinet

1947-1949) presented the first Budget ofindependent India on November 26, 1947.


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Budgeting is an integral part of society By establishing a budget, Government

can set targets for achieving a certain

level of income and monitor expenses. Control of Fiscal Deficit and Inflation Monitoring Debt-To-GDP Ratio Social Spending


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Fiscal deficit is essentially the differencebetween what the government spendsand what it earns. It is expressed as apercentage of GDP.

Challenge befor Govt is not just toreduce the fiscal deficit but also

reconfigure its spending away fromconsumption to investment.


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Curtailing the Excise duty and VAT.

A surge in global food and energy pricesthat added to India's subsidy burden

Abolition of Education Cess.

Reduction in Securities Transaction Tax


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Bar Raise

To rise Tax free income slab rise from1,60,000 to 3,00,000

MAX. TAXRATE

Reducing the peak rate from current 30% to25%.

INVESTMENTLIMIT

Under Sec 80C Govt should increaseaggregate deductible limit from 1lakh to 2.5lakhs.


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CONT..

HOUSINGBENEFITS

T ri ti f r Int n nfr . l t l .

MEDICAREIMBURSEMT

T x fr li it f R 000 lb incr .

TRANSPORTATION

Tr nsp rt ti n ll w nce f Rs800/ nt shoul be increased.


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Reduction in prices of garments. Measure to prevent food wastage.

GARMENT &FOOD

PROCESSING

Reduction in the prices of products Getting more companies and services under

the tax net.

GSTimplementation

Improvement in the foreign investments Enable Indian students to avail the

international education at affordable costs .

FOREIGNINVESTMENT


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CONT

Government's increasedspending on infrastructure will

push domestic production.INDUSTRY

Allocation for the textile sector

has been increased to Rs.4,500crore from Rs.4,090 crore .

TEXTILEINDUSTRY


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Impact on Various Sectors


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Union Budget 08-09 Highlights


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Union Budget 09-10 Highlights

For Men

Upto Rs. 1,60,000/- Nil

For Women

Upto Rs. 1,80,000/- Nil

For resident individual of 65 years or above

Upto Rs. 2,40,000/- Nil

Personal Tax Removal of 10 per cent surcharge

Removal of Fringe benefit tax and Commodities transaction tax


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Taxes

Exemption limit of individual taxes to Rs3 lakhs from Rs1.60 lakhs for salariedpeople

Exemption limit for women is expectedto be increased from 1.80 lakhs to 4

lakhs and for senior citizen from Rs 2lakhs to 5 lakhs


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Corporate Tax

A reduction of 30% is expected in thecorporate tax

Introduction of Direct Tax Code (DTC)suggesting a 25% rate


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Capital Gains Tax

Finance minister is unlikely to bring anyreform in this category of tax.

It is predicted to be included under theDirect Tax Code, to be implementedfrom April 2011.

Gratuity Limit: Expected to be raised toRs10 lakhs from Rs 3.5 lakhs.


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Self Assessment Slab

The self assessment slab forbusinessmen and professionals is Rs 40lakhs at present.

According to expectations, the slab maybe revised to Rs 1 crore to lower the

burden felt by the business people andprofessionals


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Expectations

No Direct Tax Code in Budget

Reasons

ReformingIdeal Tax Structure forcountry like India

Complicated Implementation


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Comparison

Budget 2009-10 Expectations

Target for agriculture creditflow set at Rs.3,25,000 crore

higher than previous year. Interest subvention scheme

for short term crop loans.

Accelerated Irrigation BenefitProgramme inc. by 75%.

Rashtriya Krishi Vikas Yojanastepped up by 30%.

Allocated Rs.6 billion

in the 2010 Budget.

Continue the interestsubvention scheme .

Every year 4 % growthrequired to have anotherrevolution.


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EDUCATIONSECTOR:

2009-10 EXPECTATIONS 2010-11

Public spending on educationcontinues to remain at a lowof 3.37 per cent of the GDP.

The outlay on HigherEducation has been increased

900 per cent in the EleventhFive Year Plan.

Loan accounts haveincreased from 3.14 lakhs to14.09 lakhs.

Need for greaterallocation for the healthand education schemesbesides better utilisation

and accountability andcommitment towardsthem for the uplift of SCsand STs.


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INFRASTRUCTURESECTOR:

2009-10 EXPECTATIONS 2010-11

Allocation of Rs39.7bnunder JNNURM toimprove housing sector.

Allocation increased by

59% to Rs 120 bn toimprove roads.

Allocation increased toRs 20.8bn , a rise of160% from previous year

under APDRP in powersector.

India has announcedstimulus packagesequaling 12% of GDP.

The 11th plan hasprojected $500bninvestment b/w 2007-12.

Govt aims to achieveinvestment of 9% of GDP

by 2011/12.


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Export/Import Sector

Expect the Import tariffs to come downin the Exam Policy to a maximum tuneof 40 %.

Cut import duty on hybrid cars.

The gems and jewelry industry hassought zero duty and open general

license (OGL) on gold imports in theforthcoming Union Budget.


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And Just Before stoppinga few clips

about what various sectors wish

about Budget 2009-11

Real Estate

Food And Bevarages

IT Sector

Agriculture


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Union Budget 2010-11 Final

Documents

Transcript of Union Budget 2010-11 Final