Monday, 28 February 2011

!!! Financial Budget 2011 !!! A brief Summary !!!

The most expected Financial Budget was spelled by Mr. Pranab Mukherjee today !!! Here we summarize the same for your easy understanding !!!

  •  Tax reductions to result in revenue loss of Rs 11,500 crore
  • Tax slabs for women remain unchanged
  • Union Budget 2011 widens scope of service tax
  • Revenue deficit fixed at 2.3% in revised estimates of 2010-11 and 1.8% in 2011-12:FM
  • Nominal 1% central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted
  • No change in CENVAT rates: Pranab
  • Standard rate of central exercise duty maintained at 10%: FM
  • Revenue deficit fixed at 2.3% in revised estimates of 2010-11 and 1.8% in 2011-12
  • Budget estimates for 2011-12 projects Rs 9,32,440 crore - an increase of 24 per cent: FM
  • Minimum alternate tax raised from 18% to 18.5% of book profits
  • Extension of investment on long-term infrastructure bonds by one more year
  • Budget proposes no change in service tax
  • Expenditure in 2011-12 estimated at Rs 12,57,729 crore, an increase of 13.4%
  • Budget to maintain standard rate of excise duty at 10%
  • Income tax exemption limit raised, but no changes in slabs
  • Senior citizen age reduced from 65 to 60
  • Senior citizen concession extended to Rs 2.5 lakh, to above 80 to Rs 5 lakhs
  • Budget proposes to enhance tax limit for general public from Rs 1, 60,000 to Rs 1,80,000
  • Priority to make taxes moderate, collection simple: FM
  • Fiscal deficit brought down to 5.1%: Pranab
  • Rs 9 lakh compensation to be given to men of defence and central paramilitary forces for permanent disability and discharged from service: Mukherjee
  • Rs 1.64 lakh crore for defence; more will be given if required: Pranab
  • GoM constituted to tackle corruption: Pranab
  • Mahatma Gandhi National Rural Employment Guarantee Scheme wage rates linked to consumer price index; will rise from existing Rs 100 per day
  • Allocation to health sector raised by 20%
  • Old age pension to persons of over the age of 80 raised from Rs 200 to Rs 500: Pranab
  • Rs 50 crore grant to Aligarh Muslim University centres in Murshidabad in West Bengal and Malappuram in Kerala
  • Remuneration of anganwadi workers raised from Rs 1500 to Rs 3,000 per month. Helpers to get Rs 1,500 from Rs 750: FM
  • Union Budget 2011 proposes 24% increase in education sector allocation
  • 100% salary hike for Anganwadi teachers in Union Budget
  • Rs 100 crore for IIT Kharagpur: FM
  • Union Budget 2011 allocates Rs 58000 crore for social schemes
  • Education stocks Aptech, NIIT, Everonn, Edserv up 3-5% on budget proposals
  • Fertiliser sector investment to get infrastructure status: Pranab
  • A new scheme to be introduced for refund of service tax on lines of drawback of duties: FM
  • Proposal to introduce self-assessment of customs duty wherein importers and exporters will themselves assess payment of duty: FM
  • Measures to be taken to bring back black money: FM
  • Food storage capacity to be augmented - 15 more mega food parks to be set up in 2011-12; of 30 sanctioned in previous fiscal, 15 set up
  • Bills on insurance, pension funds, banking to be introduced
  • Union Budget 2011 proposes 17% increase in social sector expenditure
  • Rupee up on increase in FII corp bond limit
  • To boost infrastructure development, Pranab proposes tax-free bonds of 300 billion rupees
  • Infrastructure spending to be raised by 23%: Pranab
  • Existing interest subvention scheme on short term farm loans at 7 % interest to continue: FM
  • Credit flows to farmers raised from Rs 3.75 lakh crore to Rs 4.75 lakh crores: FM
  • Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs 6755 crore in the current year to Rs 7860 crore: Pranab
  • Rs 300 cr provided to promote pulses cultivation in rain-fed areas, another Rs 300 cr to promote farm product cultivation: FM
  • RBI to issue new guidelines for banking sector: FM
  • Housing loan limit for priority sector lending raised to Rs 25 lakh
  • FIIs can invest $40 billion in corporate bonds: FM
  • Farm loans at 4%; credit target raised to Rs 4,75,000cr: FM
  • Proposal to increase rural housing fund to Rs 3,000 crore
  • Pranab proposes to give Rs 3000 crore to NABARD
  • Portfolio investment would be permitted in SEBI registered mutual funds from foreign subscriptions: Pranab
  • Pranab seeks Lord Indra's blessings for good monsoon
  • Gap between wholesale and retail prices not acceptable: Pranab
  • Discussions on to further liberalise FDI policy, says Mukherjee
  • GST constitutional amendment bill to be introduced: FM
  • FY12 disinvestment target at Rs 40000 crore: Pranab
  • Women self-help group development fund created: FM
  • Cash transfer of subsidy on kerosene, LPG, fertiliser to BPL people: FM
  • Direct tax code to be implemented from April 1, 2012: FM
Hope this post was informative !!! Do refer your friends to this blog !!! Please vote in INDLI and TOPBLOGGING !!! See u soon !!!

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