!!! 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

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