pegged at Rs11.8 lakh crore, an increase of 8.6%.
* Fiscal deficit at 5.5%.
* Fiscal deficit seen at 4.8% and 4.1% in 2011-12 and 2012-13, respectively.
* Non-plan expenditure pegged at Rs37,392 crore and plan expenditure at Rs7,35,657 crore in budget estimates. Proposed increase of 15% in plan expenditure and 6% in non-plan expenditure.
* Cash subsidy for fuel and fertiliser instead of previous practice of bonds to continue.
* Fiscal deficit pegged at 6.9% in 2009-10 as against 7.8% in the previous fiscal.
* Government's net borrowing to be Rs3,45,010 crore for 2010-11.
* Income-tax department ready with two-page Saral-2 returns form for individual salaried assesses.
* Personal income-ax rates pruned:
Income up to Rs1.6 lakh — nil
Income above Rs1.6 lakh and up to Rs5 lakh — 10%
Income above Rs5 lakh and up to Rs8 lakh — 20%
Income above Rs8 lakh — 30%
* Additional deduction of Rs20,000 allowed on long-term infrastructure bonds for income-tax payers; this is above Rs1 lakh on savings instruments allowed already.
* Investment-linked tax deductions to be allowed to two-star hotels anywhere in the country.
* Weighted deduction of 125% for payments to approved associations doing social and statistical research.
* One-time interim relief to housing and real-estate sector.
* Businesses with a turnover of up to Rs60 lakh and professionals earning up to Rs15 lakh to be exempted from the obligation to audit their accounts.
* Housing projects allowed to be completed in five years instead of four to avail of tax breaks.
* Revenue loss of Rs26,000 crore on direct tax proposals.
* Central excise duty on all non-petroleum products raised to 10% from 8%.
* FM increases customs duty on crude oil to 5%, on diesel and petrol to 7.5%, and on other petroleum products to 10%.
* Structural changes in excise duties on cigarettes, cigars, and cigarillos.
* Clean energy cess of Rs50 per ton to be levied on coal produced in India.
* Concessional excise duty of 4% on solar cycle-rickshaws.
* Balloons exempted from central excise duty.
* Customs and central excise proposals to result in a net revenue gain of Rs43,500 crore.
* More services to be brought under the service tax net.
* Certain accredited news agencies exempted from payment of service tax.
* Net revenue gain from tax proposals pegged at Rs20,500 crore. |
