The Reader

Budget Highlights 2010

1. GST to be implemented from 2011
2. Hope to implement Direct Tax Code from April 2011
3. Online news agencies to attract service tax
4. Service Tax rates unchanged
5. Account auditing for all income above Rs 15 lacs
6. More services to be brought under tax net
7. Rationalization of customs duty on gaming software
8. Toys exempted from excise duty, to become cheaper
9. Jewellery to be more expensive
10. Monorail granted project import status
11. CDs to be cheaper
12. Excise duty on CFL halved to 4%
13. Customs duty on Gold and Platinum hiked
14. Refrigerators to be costlier
15. Televisions to be costlier
16. Mobile phones to become cheaper
17. Peak customs duty unchanged at 10%
18. Cement to be costlier
19. Air conditioners to be costlier
20. Excise on all non smoking tobacco raised
21. 7.5% duty on petrol and diesel restored
22. 5% duty on crude petroleum restored
23. Excise duty on petrol and diesel raised to Rs 1/liter
24. Cigarettes to be costlier
25. Excise on large cars, SUVs, MUV raised to 22%
26. Partial rollback in Excise Duty from 10% to 8%
27. Presumptive tax limit raised to Rs 60 lacs
28. Investment linked deduction benefit for 2 Star hotels
29. Deduction of Rs 20000 on investment in infra bonds
30. Weighted deduction on R&D raised to 200% from 150%
31. No tax on Income up to Rs 1.6 lacs
32. Current surcharge on companies reduced to 7.5%
33. Minimum Alternate tax hiked to 18%
34. 30% tax on income above Rs 8 lacs
35. 20% tax on income between Rs 5 lacs to 8 lacs
36. 10% tax on income between Rs 1.6 lacs to 5 lacs
37. IT dept to notify Saral 2 form for individual tax payers
38. Home loans up to Rs 20 lacs to get interest subvention of 1% up to March 11
39. Interest  subvention for housing loans up to 1 lacs
40. 2% loan subsidy to farmers
41. Farm loan payments to be extended for six months
42. Interest subvention of 2% to be extended for handicrafts and SMEs
43. interest subvention for exports to extended for one year
44. RBI may give banking licenses to Pvt cos and NBFCs
45. FDI policy to be made more user-friendly

 With Warm Regards;