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India Budget 2009-2010

The Acting Finance Minister, Pranab Mukherjee presented the budget revealing spending plans for year 2009-10 from April to July, taking care of essential spending during and in immediate after month of the general elections.

Highlights of Budget 2009-2010:

  • Budget spells out the target for the UPA: To bring back the 9% growth
  • Commodities Transaction Tax (CTT) to be scrapped
  • 10% surcharge on personal Income tax scrapped
  • Fringe Benefit Tax (FBT) to be scrapped
  • IT exemption limit for Women hiked to Rs 190,000
  • IT exemption limit for Senior Citizens hiked to Rs 240,000
  • Rs 12000 crore earmarked for expenditure on rural roads in FY 2010
  • Drugs related to heart diseases to be cheaper
  • Service Tax to be now applicable on law firms
  • Bio-diesel custom duty lowered
  • Customs Duty on import of Gold and Silver increased
  • Branded women's jewellery to be cheaper
  • Rs 16300 Crore to be set aside for the upcoming Commonwealth Games
  • IITs and NITs to get Rs 2113 crore
  • Corporate Tax unchanged
  • One rank-one pension provision/scheme to be in place for Ex-Servicemen
  • National Ganga Project allocation to go up to Rs 562 Crore
  • Unique Identification (UID) project under Nandan M. Nilekani to be out in 12-18 months
  • NRHM allocation to be raised by Rs 257 crore
  • A national level action plan in place for climate change
  • National Employment Exchanges to be modernized
  • Interest subsidy for home loans up to 1 lakhs
  • Indira Awaas Yojna bolstered up by 63% to Rs 8883 crore
  • Saral 2 forms to simply tax filing process
  • Emphasis on fertilizer subsidy reaching out directly to farmers
  • Petroleum price expert panel to set petroleum prices which would be in sync with the global levels
  • Rashtriya Krishi Vikas Yojna allocation increased by 30%
  • IIFCL, being a new company shall look into the infrastructure needs
  • Extension of farm loan waiver scheme by 6 months
  • The allocation for National Highway Authority of India (NHAI) increased by 23%
  • Fiscal stimulus at 3.5% pf the GDP
  • Small scale businesses to be exempted from advance tax
  • 50% reduction in the Custom Duty on LCD panels
  • Set top boxes to be costlier
  • Goods and Services Tax (GST) to be in effect from April, 2010
  • Textile units to enjoy continued tax holidays
  • Pranab praises the 3 stimulus packages which were rolled out by the UPA to fight the global economic meltdown
  • Signals of revival in the domestic market: Pranab Mukherjee

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