*Budget speech highlights:* IT exemption limit raised; Rs 15,000 for senior citizens.
Limit raised by Rs 10,000 for tax payers, including women *The exemption limit will now be Rs 240,000 for senior citizens, Rs.190,000 for women and * *Rs 160,000 for others.* Income tax incentives on education loans expanded to cover vocational studies after schooling. *10 per cent surcharge on personal income tax rolled back* Fringe Benefit Tax rolled back No change in corporate tax *Commodity Transaction Tax rolled back * Defence gets Rs 1,41,703 crore for 2009-10, a 34 per cent hike from 2008-09 budgetary allocation of Rs 1,05,600 crore. Fiscal deficit in 2009-10 is proposed at 6.8 per cent of GDP. Plan expenditure, for both Centre and states, to go up by Rs 61,000 crore over the Interim Budget. Total Budget expenditure for 2009-10 will Rs 10,28,032 crore, crossing Rs 10 lakh crore mark for the first time since Independence. First Unique Identification Card to citizens to roll out in 12-18 months, provision of Rs 120 crore for the project. Allocation of Rs 2,113 crore for IITs and NITs. Higher education allocation increased by Rs 2,000 crore. Rs 827 crore each allocated to set up Central Universities in states where there are Central University. One rank, one pension scheme for ex-servicemen approved New pension benefits for 12 lakh jawans and Junior Commissioned Officers from July. Modernisation of national employment exchanges to be carried out. Allocation for National Rural Health Mission to be raised by Rs 257 crore over and above the outlay in the Interim Budget. Action initiated to provide social security to unorganised sector workers. National Mission for Female Literacy with emphasis on minorities, Scheduled Castes and Scheduled Tribes to be launched. Fifty per cent of all rural women to be brought into self-help group programmes. Full interest subsidy for students taking up courses in approved institutions. Five lakh students to benefit. State-owned banks and insurance firms to remain in public sector Work on National Food Security scheme for providing food at cheaper rates to the poor has begun Increase allocation for Prime Minister Gram Sadak Yojana by 59 pc Allocation of Rs 39,100 crore for NREGA for 2009-10 Govt to provide real wage of Rs 100 per day under NREGA IT Return forms to be made simple and user friendly Allocation for national highways development stepped up by 23 pc Allocation for schemes for the urban poor to be raised to Rs.39,730 cr in 2009-10 75 per cent increase for Accelerated Irrigation Programme Extension of stimulus package for print media to be extended till December 2009 Indian Infrastructure Financial Corporation Limited (IIFCL) to evolve financing mechanism for giving increased support to infrastructure projects Target for agriculture credit raised to Rs 3,25,000 cr in 2009-10 from Rs 2,87,000 cr Enhancing allocation from Rs 200 crore to Rs 500 crore for flood management project in Mumbai Funds for Jawaharlal Nehru Urban Renewal Mission increased by 87 pc to Rs 12,887 cr Funds for housing for urban poor to be raised to Rs 3,973 crore Pranab forecasts GDP growth at 6.7 per cent for 2008-09 Growth rate in 2008-09 dipped to 6.7 pc from average 9 pc growth Govt says its will broaden the agenda for inclusive development Significant inflow of foreign capital is important Govt moving towards providing energy security and integrated energy policy Single Budget cannot solve all our problems. It is a means to share the vision of the government with all Fiscal deficit grew from 2.7 per cent to 6.8 per cent of GDP Total fiscal stimulus during 2008-09 amounts to Rs 1,86,000 crore Govt plans to return economy to high GDP growth rate of 9 pc Trade in goods and services doubled to 47 per cent in 2008-09 Earlier, Mukherjee reached Parliament at about 0930 hrs IST with a maroon coloured briefcase containing Budget papers and the Union Cabinet met immediately to approve it. The Cabinet gave the go ahead to the Budget after meeting for about 25 minutes. -- Thanks & regards Kala Pillai This email is intended only for the use by the party to which it is addressed and may contain information that is privileged, confidential, or protected by law. If you are not the intended recipient, you are hereby notified that any dissemination, copying or distribution of this email or its contents is strictly prohibited. If you have received this message in error, please notify the sender immediately by replying to the message and deleting it from your computer --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Skorydov MyTaxAssistant Member Group" group. To post to this group, send email to [email protected] To unsubscribe from this group, send email to [email protected] For more options, visit this group at http://groups.google.com/group/SkorydovMyTaxAssistant?hl=en -~----------~----~----~----~------~----~------~--~---
