India Union Budget 2009 Direct Taxes

No changes made in the Corporate Tax rates. Exemption limit in personal income tax raised by Rs.15,000 from Rs.2.25 lakh to Rs.2.40 lakh for senior citizens; by s.10,000 from Rs.1.80 lakh to Rs.1.90 lakh for women tax payers; and by Rs.10,000 from Rs.1.50 lakh to Rs.1.60 lakh for all other categories of individual taxpayers. Deduction under section 80-DD in respect of maintenance, including medical...

Allocation under Jawaharlal Nehru National Urban Renewal Mission

Urban Infrastructure Allocation under Jawaharlal Nehru National Urban Renewal Mission (JNNURM)stepped up by 87 per cent to Rs.12,887 crore in B.E. 2009-10 over B.E. 2008-09.Allocation for housing and provision of basic amenities to urban poor enhanced toRs.3,973 crore in B.E. 2009-10. This includes provision for Rajiv Awas Yojana(RAY), a new scheme announced.

India Service Tax on advice, consultancy or technical assistance provided in the field of law

As the Hon’ble Members are aware, services provided by chartered accountants, cost accountants, and company secretaries as well as by engineering and management consultants are presently charged to service tax. Although there is a school of thought that legal consultants do not provide any service to their client, I hold my distinguished predecessor in high esteem and disagree! As such, I propose...

STPI Scheme Extended for one year

STPI Scheme Extended for one year Deduction in respect of export profits is available under sections 10A and 10B of the Income-tax Act. The deduction under these sections would not be available beyond the financial year 2009-2010. In order to tide over the slowdown in exports, I propose to extend the sun-set clauses for these tax holidays by one more year i.e. for the financial year 2010-11.

Pranab Mukherjee’s Union Budget speech 2009-2010 (Full Text)

Madam Speaker, I rise to present the Budget for 2009-10. 2. Just 140 days back, I had the privilege to present the Interim Budget for 2009-10. It is a rare honour that I have been called upon to present the regular budget after the new Government assumed office.

Pensions enhanced for ex-army personnel

The Government on Monday announced enhanced pensions for soldiers and junior commissioned officers that will entail additional expenditure of Rs 2,100 crore per year. “The decision will benefit 12 lakh pensioners. The allowances for the war wounded and disabled is also being liberalised,” Finance Minister Pranab Mukherjee said while presenting the budget for 2009-10 in the Lok Sabha.

Income Tax limit raised by Rs 10,000

Finance Minister Pranab Mukherjee on Monday presented a Budget that affirmed the Government’s commitment to social welfare programmes and set a growth target of nine per cent for the economy. Mukherjee on Monday proposed to increase the income tax exemption limit for senior citizens by Rs15,000, for women and others by Rs10,000 each, while keeping the corporate tax rate unchanged. The exemption limit...

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...