Income Tax Slab Rates 2010-11

* To remove Fringe Benefit Tax
* Surcharge of 10% on personal income tax removed
* No change in Corporate taxes
* Propose to phase out surcharge on Direct Taxes
* States agree on basic structure of Goods and Services Tax
* Commodity Transaction Tax scrapped
* To create Alternate Tax disputes resolution mechanism for foreign companies
* Software Technology Parks [...]

Highlights of Budget 2009
* Growth rate in 2008-09 dipped to 6.7 per cent from average 9 per cent growth in previous three fiscal years.
* Mukherjee intends to make pre-budget consultations with state finance ministers an annual affair
* Fiscal deficit grew from 2.7 per cent to 6.8 per cent of GDP
* We need institutional reforms [...]

Finance minister Pranab Mukherjee on Monday raised tax slabs in his Union Budget 2009-2010
He proposed to increase the income tax exemption limit for senior citizens by Rs 15,000, for women and others by Rs10,000 each, while keeping the corporate tax rate unchanged.
The exemption limit will now be Rs 240,000 for senior citizens, Rs190,000 for [...]

UPA government in its second innings is expected to enhance social sector and infrastructure spending in its budget for 2009-10, in line with its strategy to beat the impact of global economic downturn.
According to Source, UPA-II budget is all set to provide an additional Rs 40,000 crore gross budgetary support (GBS) from the interim [...]

Finance Minister Pranab Mukherjee will present the Union Budget on July 3 while Railway Minister Mamata Banerjee will present the Rail Budget on July 1. The Economic Survey is said to be held on July 2.
The Union Budget ‘09 attains significant importance in the wake of the global financial crisis.

The interim Budget to be presented in the Lok Sabha is likely to provide for Rs 2,150 crore of recapitalisation package for three public sector banks — UCO Bank, Central Bank of India and Vijaya Bank
The package is aimed to help these banks to shore up their capital to over 12 per cent against [...]

The interim budget to be announced on Monday could bring some cheer to consumers and investors, as acting finance minister Pranab Mukherjee may use the opportunity to announce one more stimulus package in the form of targeted tax incentives.
Acting Finance Minister Pranab Mukherjee will present interim spending plans for the 2009/10 fiscal year starting [...]