There are a lot of expectations from the finance minister this time around. The industry and the common man are waiting with bated breath to see what Pranab unveils for them. The stock market (BSE) opened up and gained 100 points and reached the figure of 15000. Here are some highlights of the budget:
1. Allocation for urban poor for provision for housing and basic amenities to be raised to Rs 3,973 crore in the current year.
2. Indian Infrastructure Finance Company Limited will re-finance commercial bank loans upto 60 per cent in critical projects through public private partnership to the tune of Rs 1,00,000 crore to raise investment in the sector.
3. Central assistance for storm-water drainage project increased to Rs 500 crore from Rs 200 crore in the interim budget.
4. Target for agriculture credit raised to Rs 3,25,000 crore in 2009-10 from Rs 287,000 crore.
5. Additional allocation of Rs 1,000 crore for accelerated irrigation project.
6. Govt to set up expert panel for petroleum product pricing as the domestic oil prices should be in tune with global prices.
7. Banks and insurance companies outside the divestment plan.
8. Saral Form II to be reintroduced, says FM. In 4 years, filing tax returns online to be made easier.
9. Rs 7,000 crore to rural electrification scheme.
10. Banks and insurance firms to remain in public sector.
11. Modernisation of national exployment exchanges to be carried out.
12. One lakh dwelling units for paramilitary forces personnel to be constructed.
13. Rs 2,113 crore allocated for IITs and new IITs.
14. Allocation for Commonwealth Games increased to Rs 3,472 crore from Rs 2,112 crore.
15. Total budget expenditure for 2009-10 will Rs 10,28,032 crore, crossing Rs 10 lakh crore mark for the first time since Independence.
16. Plan expenditure, for both Centre and States, to go up by Rs 61,000 crore over the interim budget.
17. Tax proposals! No change in Corporate Tax.
18. Defence gets Rs 1,41,703 crore for 2009-10, a 34 per cent hike from 2008-09 budgetary allocation of Rs 1,05,600 crore.
19. Tax proposals! Income Tax rates exemption limit to raised from Rs 180,000 to 190,000 for women.
20. Tax proposals! Income Tax rates exemption limit to 2.25,000 to 2,40,000 for senior citizens.
21. TAX: SURCHARGE ON income tax phased out.
22. FRINGE BENEFIT TAX ABOLISHED.
23. Personal income tax exemption limit raised by Rs 10,000.
24. Commodities Transaction Tax abolished!
25. SECURITIES TRANSACTION TAX cut
26. Personal income tax exemption limit for senior citizens raised by Rs 15,000.
As I am updating the details sensex continues to plummet: down 430.54 points to 14,482.51.
27. The first Unique Identification Card to citizens will roll out in 12-18 months.
28. 10 per cent surcharge on personal income tax removed.
29. 5% customs duty on set top boxes.
Markets down by 601 points. Thumbs down to budget.
30. Small businesses up to Rs 40 lakh (Rs 4 million0 turnover exempted from filing advance tax returns.
31. Income tax incentives on education loans expanded to cover vocational studies after schooling.
32. Small businesses up to Rs 40 lakh exempted from filing advance tax returns.
A tip: Aggressive investors should buy into textile stocks which are now available at dirt cheap prices
33. Indian Union Budget 2009-2010: Spending on higher education to be increased and allocation of Rs 2130 crore to set up more IIT and NIITs. A central university has been proposed in each state, says Pranab
34. Customs duty on LCD panels halved from 10% to 5%.
35. Customs Duty to be reduced on drugs for heart treatment.
36. Customs duty on gold and silver import increased.
37. There will be an imposition of 5% custom duty on set top boxes. Hence this is very bad news for Dish TV, Sun TV, Airtel, Videocon and WWIL.
Sensex down by 710 points
negative 743 now
No comments:
Post a Comment