February 28, 2011: <\/b><\/p>\n
<\/b><\/p>\n
I-T exemption limit raised to Rs 1.80 lakh from Rs 1.60 lakh <\/b>.<\/p>\n
Exemption for senior citizens raised to Rs 2.5 lakh<\/b><\/p>\n
Tax under women slab unchanged.<\/b><\/p>\n
Tax exemption raised to Rs 5 lakh for senior citizens of 80 years.<\/b><\/p>\n
To increase service tax on air travel<\/b><\/p>\n
Excise and customs duty proposals to result in the net gain of Rs 7,300 crore.<\/b><\/p>\n
Export duty rates on iron ore unified and kept at 20% ad valorem.<\/b><\/p>\n
Basic customs duty on agricultural machinery reduced to 4.5% from 5%<\/b><\/p>\n
Basic customs duty on raw silk reduced from 30 to 5 per cent<\/b><\/p>\n
Excise and customs duty proposals to result in the net gain of Rs 7,300 crore<\/b><\/p>\n
Nominal one per cent central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted.<\/b><\/p>\n
Peak rate of customs duty maintained at 10% in view of the global economic situation.<\/b><\/p>\n
Customs duty exemptions for hybrid auto parts.<\/b><\/p>\n
Nominal one per cent central excise duty on 130 items entering the tax net.<\/b> Basic food and fuel and precious stones, gold and silver jewellery will be exempted.<\/b><\/p>\n
Standard rate of central exercise duty maintained at 10%.<\/b><\/p>\n
Central government debt in proportion to GDP will be 44.2% in 2011-12.<\/b><\/p>\n
20% export duty on all grades of iron ore.<\/b><\/p>\n
Basic customs duty reduced on certain textile products<\/b><\/p>\n
No change in service tax rate of 10%.<\/b><\/p>\n
No change in central excise duty<\/b>.<\/p>\n
Plan to levy 1% on 130 consumer items<\/b>.<\/p>\n
Revenue deficit fixed at 2.3 per cent in revised estimates of 2010\u201411 and 1.8 per cent in 2011\u201412,<\/b><\/p>\n
Total plan expenditure will go up 100 per cent in nominal terms in the next year<\/b><\/p>\n
15% tax on dividend for Indian cos from foreign unit.<\/b><\/p>\n
Direct Tax proposals result in expenditure of Rs 11,500 cr.<\/b><\/p>\n
To reduce surcharge on domestic companies to 5% from 7.5%<\/b><\/p>\n
MAT rate hiked to 18.5% from 18%<\/b>.<\/p>\n
MAT on developers in SEZs to be levied.<\/b><\/p>\n
Fiscal deficit revised to 5.1% from 5.5% for FY’11<\/b><\/p>\n
Total expenditure raised by 13.4% at Rs 12.57 lakh cr over budget estimates<\/b><\/p>\n
Gross tax receipts estimated at 9.32 lakh cr for FY 2011-12<\/b><\/p>\n
Bill to amend India Stamp Act soon.<\/b><\/p>\n
Budget allocation of Rs 100 cr for Ladakh and Rs 150 cr for Jammu for implementation of projects identified by taskforce<\/b><\/p>\n
Old age pension to persons of over the age of 80 raised from Rs 200 to Rs 500<\/b><\/p>\n
Health allocation up by 20% to R 27,600 cr.<\/b><\/p>\n
Rs 9- lakh ex-gratia for defence personnel for 100% disability fighting Left-wing extremism.<\/b><\/p>\n
To set up 15 more mega food parks.<\/b><\/p>\n
Remuneration of anganwadi workers raised from Rs 1,500 to Rs 3,000 per month. Helpers to get Rs 1,500 from Rs 750<\/b><\/p>\n
Tax free bonds of Rs 30,000 cr to be issued for infrastructure development. This will cover Warehousing Corporation, NHAI, IRFC and Hudco.<\/b><\/p>\n
Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs 6,755 crore in the current year to Rs 7,860 crore.<\/b><\/p>\n
Rs 50 cr grant to Aligarh Muslim University centres in Murshidabad in West Bengal and Malappuram in Kerala.<\/b><\/p>\n
Rs 200 cr for environmental remediation programme.<\/b><\/p>\n
Age for pension eligibility reduced from 65 years to 60 years under Indira Gandhi Yojana scheme<\/b><\/p>\n
To move insurance, pension and banking bills in Parliament<\/b><\/p>\n
Rs 500-cr for National Development Fund.<\/b><\/p>\n
Rs 400-cr as one-time grant for IIT-Kharagpur.<\/b><\/p>\n
Move to set up State Innovation Councils underway.<\/b><\/p>\n
Allocation to education sector raised to Rs 52,000 cr<\/b><\/p>\n
Scholarship scheme for SC\/ST students in classes iX, X.<\/b><\/p>\n
Increase in allocation to higher education<\/b><\/p>\n
Increase in remuneration for Anganwadi workers from Rs 1,500 to Rs 3,000 per month.<\/b><\/p>\n
Plan 17% increase in social sector spending.<\/b><\/p>\n
To introduce Food Security Bill<\/b><\/p>\n
Tax free bonds of Rs 30,000 cr to be issued for infrastructure development. This will cover Warehousing Corporation, NHAI, IRFC and Hudco.<\/b><\/p>\n
Fertiliser industry to be included under infrastructure category.<\/b><\/p>\n
New companies bill to be introduced.<\/b><\/p>\n
GoM to be set up to deal with corruption<\/b><\/p>\n
Five-fold strategy to deal with black money.<\/b><\/p>\n
Mega cluster for leather products to be introduced.<\/b><\/p>\n
Existing interest subvention scheme on short term farm loans at 7 % interest to continue.<\/b><\/p>\n
Self-assessment in customs to be introduced.<\/b><\/p>\n
Credit flows to farmers raised from Rs 3.75 lakh crore to Rs 4.75 lakh crore.<\/b><\/p>\n
Constitution Amendment Bill for introduction of GST in this session.<\/b><\/p>\n
Goods and Services Tax Bill this year.<\/b><\/p>\n
Direct Taxes Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report.<\/b><\/p>\n
Public Debt Management Agency Bill in the next fiscal<\/b>.<\/p>\n
Indian mutual funds to get direct access to foreign markets; FIIs to be allowed to invest in MFs.<\/b><\/p>\n
To liberalise FDI policy further.<\/b><\/p>\n
To extend infra tax breaks to fertiliser sector.<\/b><\/p>\n
To set up microfinance equity fund.<\/b><\/p>\n
Government to move towards direct cash transfer of cash subsidy as regards kerosene, LPG and fertilisers from March 2012 for BPL in view of large diversion.<\/b><\/p>\n
3% interest subvention to farmers who repay in time.<\/b><\/p>\n
Nabard capital base to be increased by infusing Rs 10,000 cr<\/b><\/p>\n
Rural housing fund increased to Rs 3,000 cr<\/b><\/p>\n
Banks asked to step up lending to agriculture.<\/b><\/p>\n
Allocation under Rashtriya Krishi Vikas Yojana to be raised from Rs 6,755 crore in the current year to Rs 7,860 crore.<\/b><\/p>\n
Budget proposes to raise housing loan limit from Rs 20 lakh to Rs 25 lakh for priority sector lending.<\/b><\/p>\n
Allocation for farm development hiked to Rs 7,860 cr.<\/b><\/p>\n
Rs 300 cr proposed to promote production of cereals.<\/b><\/p>\n
Indian micro-finance equity with SIDBI to be formed at Rs 100 crore.<\/b><\/p>\n
Rs 6,000 cr to be given to public sector banks to maintain capital-to-risk assets ratio norms<\/b><\/p>\n
RBI to bring in new guidelines for banking licences.<\/b><\/p>\n
Aiming Fiscal deficit of 3% by fiscal 2014<\/b><\/p>\n
Central electronic registry to reduce fraud cases.<\/b><\/p>\n
FII investment limit for infra corporate bonds hiked to $40 billion.<\/b><\/p>\n
Discussions on to further liberalise FDI policy.<\/b><\/p>\n
Preparation of GST rollout in final stages.<\/b><\/p>\n
Microfinance equity fund of Rs 100 cr proposed.<\/b><\/p>\n
Govt committed to hold 51% in PSUs<\/b>.<\/p>\n
Rs 3,000 cr to Nabard for handloom societies.<\/b><\/p>\n
Women self-help group development fund to be set up.<\/b><\/p>\n
Direct transfer of subsidy for kerosene.<\/b><\/p>\n
Goods and Services Tax Bill to be introduced in Parliament this year.<\/b><\/p>\n
Direct Tax Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report.<\/b><\/p>\n
Disinvestment target at Rs 40,000 cr.<\/b><\/p>\n
Direct Tax Code from April 2012.<\/b><\/p>\n
SEBI-registered MFs to be allowed direct access to foreign funds.<\/b><\/p>\n
Expect RBI to moderate inflation.<\/b><\/p>\n
Public Debt Management Agency Bill to be introduced next financial year.<\/b><\/p>\n
Current account deficit and average inflation in 2011-12 likely to be less than current year<\/b>.<\/p>\n
FDI policy review done in Sept 2010.<\/b><\/p>\n
Economic growth in 2011-12 likely to be 9 per cent.<\/b><\/p>\n
Admits large-scale diversion of kerosene.<\/b><\/p>\n
Introduction of DTC will be a watershed moment.<\/b><\/p>\n
Debt managment bill to be introduced.<\/b><\/p>\n
Constitutional Amendment Bill on GST to be introduced.<\/b><\/p>\n
Expect agri sector to grow at 5.4% in 2011.<\/b><\/p>\n
Growth in 2010-11 broad-based.<\/b><\/p>\n
Economy resilient to shocks.<\/b><\/p>\n
RBI measures will further moderate inflation.<\/b><\/p>\n
GDP estimated growth at 8.6% in real terms.<\/b><\/p>\n
New dynamism in rural economy.<\/b><\/p>\n
Core inflation in check.<\/b><\/p>\n
Current account deficit is at 2009-10 levels, and is a matter of concern.<\/b><\/p>\n
Huge difference in wholesale and retail prices not acceptable.<\/b><\/p>\n
Total food inflation down from 20.2 per cent last year to 9.3 per cent in Jan<\/b><\/p>\n
Revival in private investment should be sustainable<\/b>.<\/p>\n
Service growing in double digits<\/b>.<\/p>\n
Need to reconcile legitimate environmental concerns with developmental needs.<\/b><\/p>\n
Food Inflation has declined by half, but still a matter of concern.<\/b><\/p>\n","protected":false},"excerpt":{"rendered":"
February 28, 2011: I-T exemption limit raised to Rs 1.80 lakh from Rs 1.60 lakh . Exemption for senior citizens raised to Rs 2.5 lakh Tax under women slab unchanged. Tax exemption raised to Rs 5 lakh for senior citizens of 80 years. To increase service tax on air travel Excise and customs duty proposals […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-190","post","type-post","status-publish","format-standard","hentry","category-personal"],"_links":{"self":[{"href":"https:\/\/anilchopra.com\/blog\/wp-json\/wp\/v2\/posts\/190","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/anilchopra.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/anilchopra.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/anilchopra.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/anilchopra.com\/blog\/wp-json\/wp\/v2\/comments?post=190"}],"version-history":[{"count":0,"href":"https:\/\/anilchopra.com\/blog\/wp-json\/wp\/v2\/posts\/190\/revisions"}],"wp:attachment":[{"href":"https:\/\/anilchopra.com\/blog\/wp-json\/wp\/v2\/media?parent=190"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/anilchopra.com\/blog\/wp-json\/wp\/v2\/categories?post=190"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/anilchopra.com\/blog\/wp-json\/wp\/v2\/tags?post=190"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}