Bonanza has come out with a report on Budget Expectations for the year 2010-2011.
Budget Expectations 2010-2011: Strong signals: 3G auction at a big premium to help narrow down fiscal deficit (even though one time revenue). Revenue collections from direct and indirect taxes from 2010-11 so far are buoyant and exceeding expectations. Economic growth vibrant with revised GDP growth at 8%. Domestic demand robust partially insulating us from the global anxieties on various fronts. Expectations: Direct taxes: a) Personal income tax-No new relief/raising of exemption limit expected. This will be done with more changes in next year along with implementation of Direct tax code. Salaried employees may be exempted from filing IT returns. b) Relief scheme for individuals to promote savings & investment particularly related to Real estate/Infrastructure. c) Expectation on corporate taxation to be reduced by 5%-(may not materialize) along with removal of surcharge and cess. d) Amnesty scheme to unearth black money and bring them back to IT net very much likely. Indirect taxes: a) Service tax may be amplified to cover new areas. b) Excise duty net may be widened to cover SMEDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
