Indian Union Budget 2009
Indian Union Budget 2009
To raise general taxation exemption limit by Rs 10,000
No changes in corporate tax
Personal Income Tax exemption for senior citizens raised by Rs 15,000
To introduce GST by 1 April 2010
GST will be dual in nature, state and Federal govts will levy GST
New direct tax code within 45 days
MAT reduced to 15% of book profits, MAT tax credit increased from 7 years to 10 years
Tax holiday extended to 2011
FBT scrapped
Surcharge on personal income tax scrapped
CTT abolished
National Pension Scheme exempted from STT
Political funding will get 100% tax deduction
Tax holiday extended for commercial production of natural gas
Govt to extend service tax to goods moved by rail, port
Individual law consultants not to attract service tax
Some law services brought under service tax
No new taxes on edible oil imports proposed
Cuts excise duty on petrol driven trucks
Govt to extend service tax to goods moved by rail, port
Individual law consultants not to attract service tax
Some law services brought under service tax
No new taxes on edible oil imports proposed
Cuts excise duty on petrol driven trucks
Budget 2009-10: Plan to cut female illiteracy by half in 3 years
To launch national mission on female literacy
Indira Awaas Yojna outlay increased by 63%
To provide rice and wheat at Rs 3 per kg to poor
Bharat Nirman up by 45% | NREGA outlay increased by 144%
NREGA’s min wage fixed at Rs 100 per day
Fiscal deficit seen at 6.8% in FY-10
NREGA outlay increased by 144%
NREGA benifited 4.4 lakh households
To hike public ownership of all companies, including PSUs
PSU cos will remain under govt controlFarmer loan waiver plan extended
Banks, insurance cos are out of disinvestment plans
PSUs are the nation’s wealth
Simple, exemption free tax structure in four years
Income tax return forms to be simplified
Govt to set up panel to advice on oil pricing
To initiate institutional measures to control fiscal deficit
To return FEBM target as the earliest
Govt to extend tax waiver on some exports to March 2010
Irrigation programme outlay increased 75% to 1,000 crore
Budget makes subvention of 1% as incentive to farmers
IIFCL, bands can support projects worth Rs 1,00,000 crore
Govt to support natural gas grid
Local production of natural gas will be doubled
Rs 3.25 lalk cross agiculture credit for current year
Will create 12 million job a year
JNNURM support up by 87%
NHAI support up by 23%
IIFCL to refinance 60% of bank loans for PPP projects
Tax cut, stimulus have helped the industry
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The ministry of petroleum and natural gas has been seeking tax holiday to the natural gas sector since last year, when the 2008 auction deadline had been postponed many times due to confusion over this issue.
Pranab Mukherjee proposed the setting up of a job portal which can provide details on skills available (which means job seekers) and also job opening “across the sectors and across the country”.
5 per cent agency commission waiver for govt advertisements print publication will be extended for another six months.
“The first challenge is to revert the economy back to the high GDP growth rate of 9 percent per annum at the earliest,” Mukherjee told parliament today. “The second challenge is to deepen and broaden the agenda for inclusive development.”
more by Pranab Mukherjee
Giving relief to individual taxpayers, the government raised the income tax exemption limit by Rs 10,000 for general taxpayers, and by Rs 15,000 for senior citizens.
For general taxpayers, income of up to Rs 1.6 lakh per annum for men and Rs 1.90 lakh per annum for women is tax-exempt.
Senior citizens will not have to pay tax up to an annual income of Rs 2.4 lakh.
In preparing some of his fiscal proposals, Finance Minister Pranab Mukherjee found inspiration in Mahatma Gandhi and Kautilya, both of whom he quoted in his budget speech Monday. In concluding his budget speech, Mukherjee turned to the Father of the Nation.
Mukherjee also removed the surcharge on income above Rs 10 lakh for personal income tax payers. The surcharge was levied at the rate of 10 per cent on income above Rs 10 lakh.
The Income Tax Department has also been asked to introduce the simplified version of the tax filing form Saral, called Saral 2.
However, Minimum Allocation Tax (MAT) on book profits has been increased from 10 per cent to 15 per cent, but with a provision of carrying forward the tax credit on MAT to 10 years from the current seven years.
Dressed in a spotless white bandgala suit, the 73-year-old politician said the United Progressive Alliance (UPA) government would push forward an agenda that will ensure 12 million new jobs each year and reduce poverty by half by 2014.