No changes in taxes have been proposed by the finance minister this budget, which will be a negative for bleeding oil marketing companies.
The exit norms of the co-contributory pension scheme 'Swavalamban' have been relaxed. A subscriber under Swavalamban Scheme will now be allowed to exit at the age of 50 years instead of 60 years, or a minimum tenure of 20 years, whichever is later.
Swift and broad based growth in 2010-11 has put the economy back to its pre-crisis growth trajectory. Fiscal consolidation has been impressive.
The target of providing banking facilities to all 73,000 habitations having a population of over 2,000 will be completed during the ensuing financial year i.e. 2011-12 using appropriate technologies.
The Centre today allocated Rs 100 crore for Ladakh region for implementation various of projects identified by a taskforce.
Finance Minister announced on Monday a food security bill for 2011/12, a budget measure that would provide cheap grains for millions of poor but which has sparked worries over its huge cost.
The exemption limit for the general category of individual tax payers has been enhanced to Rs. 1,80,000 from Rs. 1,60,000 in the General Budget 2011-12, presented by the Union Finance Minister, Shri Pranab Mukherjee in the Lok Sabha today.
Budget 2011-2012 Speech of Pranab Mukherjee Minister of Finance February 28, 2011
Finance Minister Pranab Mukherjee presented Union Budget 2011-12 amid rising inflation, tight liquidity, high interest rate, industrial slowdown, delayed reforms and negative market sentiment.
Concerned over the misuse of subsidies provided under various schemes, Finance Minister Pranab Mukherjee today said the government will provide a direct cash subsidy on kerosene and fertilisers to the poor from March next year.
The government today said low- cost housing loans of Rs 15 lakh will be eligible for 1% interest subsidy, which will help in increasing the demand for such housing.
India's economy will revert to the pre-crisis growth level of 9% in the next financial year.
FMCG companies have witnessed growth in volumes across product categories.
Corporate tax surcharge reduced from 7.5% to 5%. Minimum alternate tax rate up from 18% to 18.5%. IT exemption for taxpayers raised from Rs 1.6 lakh to Rs 1.8 lakh. Tax relief is about Rs 2,000 across-the-board
In his budget speech, Finance Minister Pranab Mukherjee laid down the guidelines for next fiscal.
Spending on, critical rural, infrastructure, and social security, schemes – eg, NREGA, Bharat Nirman have been been increased by Rs 10,000 crore to Rs 58,000 crore given the government’s commitment towards inclusive growth.
India’s telecom sector is one of the world’s fastest growing sectors and is on the verge of becoming the world’s second largest telecom sector. The number of mobile subscribers stands at 752.19 mn in December 2010
Banking has shown a strong growth in the FY11, especially the robust results in the last few quarters have bestowed strength in the banking sector.
propose to enhance the exemption limit for the general category of individual tax payers from 1 lakh 60 thousand to 1 lakh 80 thousand.
While presenting the Union Budget in Lok Sabha, Finance Minister Pranab Mukherjee announced that rate of tax on services will unchanged at 10%. He has added more services to the list.
The Finance Minister has maintained the base corporate tax at 30%. However, the surcharge has been cut to 5%. He has increased Minimum Alternate Tax (MAT) to 18.5% from the current 18%.
In a bonanza to the farming community, the government today announced loans at interest rate of four per cent -- three per cent less than market rate -- for farmers who pay their dues in time and raised the credit target for farm sector by Rs 1 lakh crore.
While presenting the Union Budget in Lok Sabha, Finance Minister Pranab Mukherjee announced that rate of tax on services will unchanged at 10%. The prevailing inflation has compelled the Finance Minister to retain the service tax at 10%
Finance Minister Pranab Mukherjee while presenting the Union Budget 2011 says, micro irrigation is an environment friendly and efficient means of irrigation especially for dry land farming. I propose to reduce the basic customs duty on micro irrigation equipment from 7.4% to 5%.
Finance Minister, Pranab Mukherjee while presenting the Union Budget says” The gross tax receipts are estimated at Rs 9,32,440 crore which is an increase of 24.9% over the budget estimates fro 2010-2011. The non-tax revenue receipts for 2011-12 are estimated at Rs 1,25,435 crore.