Budget Special 0809

koolfriend4u · #1 29th February 2008, 03:43 PM

Budget speech ends.
Banking transaction tax to be withdrawn from April 2009
Reduce central sales tax to 2%
Increase in short term capital gains tax to 15%
5-yr tax holiday for setting up hospitals in tier-II, tier III regions
Short-term capital gains increases to 15%
Excise duty of Rs 1.35/litre on unbranded petrol
Excise duty of Rs 4.6/litre on unbranded diesel
Commodities Transactions Tax on futures to be introduced
Securities Transaction Tax to be treated like deductible expenditure
5-yr tax holiday to 2,3,4-star hotels in UNESCO's heritage sites
Pharma : Excise down from 16% to 8%
No FBT on creche, employee sports facilities
Ad Valorem duty on diesel and petrol removed
No change in corporate income tax rate, surcharge stays
Women exemption threshold extended from Rs 1,45,000 to 1,80,000
Income Tax exemption raised to Rs 1,50,000
Income Tax exemption for senior citizens raised to Rs 2,25,000
Anti-AIDS drugs to be exempt from excise duties
Refrigeration components to become cheaper
Cigarettes to be taxed more
4 new sectors brought under service tax net
No change in peak rate of customs duty for non agriculture imports.
Tax to GDP ratio increased from 9.2 per cent in 2004-05 to 12.5 per cent 2007-08.
No excise duty on wireless data cards
Customs duty on specified life saving drugs reduced from 10% to 5%
Customs duty on specified sports goods machinery down from 7.5% to 5%
Special Countervailing Duty on power imports.
Excise duty on small cars cut
Excise duty down on 2 & 3 wheelers to 12%
Some sports goods raw materials exempt from duty
Convergence products, duty cut from 10% to 5%
No duty on set-top boxes
Custom duties to be reduced on some power projects, steel & alumninium melting scrap & some life saving drugs.
Duties on project imports cut to 5% from 7.5%
Govt needs one more year to eliminate revenue deficit
Rs 32,667 for food subsidies under PDS scheme
Rs 50 crore for the National Tiger Fund Authority, to deploy a special tiger protection force.
Rs 624 crore allocated for Commonwealth Games
Revenue deficit at 1.4% of GDP
Govt to set up Central Plan Scheme Monitoring system
One time settlement scheme for farmers
6th Pay commission will meet employee expectation
Defence spending to increase by 10 percent
Govt to tap into resources of SCBs to set up funds
Commercial banks advised to have 250 rural accounts every year
Completion rate of Golden Quadrilateral project at 98.6%
Rs 16,436 cr allocated as equity support to public sector enterprises
Rs 12,970 cr allocated for National Highways
Govt to create national fund for power transmission & distribution
Rs 303 cr as debt support to PSUs
Implementation of debt waiver to be completed by June 2008
Populism in farm loan waiver, bank shares to be hit
Loan waiver for farmers with 1-2 hectares of land; at least 4 cr farmers to benefit from this
Loans for small & marginal farmers due up to 31st March 2007 have been waived; waiver amounts to 4% of total bank loans
Rs 20,000 cr allocated for irrigation schemes
Rs 16,202 cr for schemes with 30% women representation
Govt to set up Irrigation & Water Resources Corporations
Rs 70,300 cr allocated for Drinking Water Mission
Rs 500 cr for development of North-east
NREG scheme rolled out for all 596 rural districts
Rs 11,460 cr allocated for 100% women specific schemes
Allocation for Ministry of Minority Affairs raised to 1,000 cr
Rs 1200 cr for sanitation programme
Rs 195 cr for ST development programmes
Rs 164 cr for development of OBCs
Rs 804 cr for SC development programmes
Urban Infrastructure allocation to be 6,870 cr
Rs 1200 cr for sanitation programme
Health insurance of 30,000 to people below poverty line
16 Central universities to be set up
National Programme for elderly with a plan outlay of Rs 400 cr
Total allocation for NRHM scheme to be at Rs 12,050 cr
Health spending to increase by 15%, allocated 16,530 cr
Rs 31280 cr allocated to Bharat Nirman Program
Proposal to set up 3 new IITs in Andhra Pradesh, Bihar & Rajasthan
Upgraded mid-day meal scheme to help 2.5 cr children
Education sector funding raised to Rs 34,400 cr
Agriculture sector at a disappointing 2.6%
Keeping inflation under control is top priority
There is immense pressure on domestic prices
International prices of Iron Ore, other metals are up
Growth in GDP in 2007-08 has been 8.8%
8% GDP growth for 12 successive years
2007-08 has been one of the most challenging years
Confident of maintaining 8% growth
P Chidambaram tables Union Budget in Parliament today.

presented by chiddhu

wc2007 · #2 29th February 2008, 06:22 PM

Chiddu's or Chuddu's

uasish · #3 29th February 2008, 08:22 PM

koolfriend4u,

I find for 'Drinking Water Mission' the allocation is Rs 70,300 Cr.This is for how many yrs.
Would you plz confirm the same from your Source.

Asish

koolfriend4u · #4 29th February 2008, 08:35 PM

Quote:

Originally Posted by uasish

koolfriend4u,

I find for 'Drinking Water Mission' the allocation is Rs 70,300 Cr.This is for how many yrs.
Would you plz confirm the same from your Source.

Asish

Rajiv Gandhi Drinking Water Mission: Allocation for Rajiv Gandhi Drinking Water
Mission enhanced to Rs.7,300 crore in 2008-09 as against Rs.6,500 crore in
2007-08;

Rajiv Gandhi Drinking Water Mission: Allocation for Rajiv Gandhi Drinking Water
Mission enhanced to Rs.7,300 crore in 2008-09 as against Rs.6,500 crore in
2007-08;

sorry for the wrong info asish

pls check "indiabudget . nic . in "

its 7,300 there it has been mentioned & not 70300 crore.

Thanks for correcting asish bhaai

uasish · #5 29th February 2008, 08:46 PM

OK got it.

circle zee · #6 29th February 2008, 09:01 PM

cigarettes to be taxed more??...i am not going to quit smoking though

koolfriend4u · #7 29th February 2008, 09:38 PM

Quote:

Originally Posted by circle zee

cigarettes to be taxed more??...i am not going to quit smoking though

lol - its normal every year they hike the tax & obviously the price too.

Now the worry is on ST capital gain tax

-koolfriend4u

ratan jain · #8 29th February 2008, 10:00 PM

Quote:

Originally Posted by circle zee

cigarettes to be taxed more??...i am not going to quit smoking though

Dont worry, they have reduced excise duty on life saving drugs

ratan jain · #9 29th February 2008, 10:03 PM

Quote:

Originally Posted by koolfriend4u

lol - its normal every year they hike the tax & obviously the price too.

Now the worry is on ST capital gain tax

-koolfriend4u

I have spoken to to a very senior tax practitioner.

And he has ratified, that most of the people are already paying 30 % taxes on capital gains because it is considered as business income.

Some people have disputed this, but have still paid the taxes under protest, and have taken up the matter with the higher authorities.

The percentage of people actually paying 10 % is actually very less.

And yes, he said the percentage of people coming under long term capital gains are a huge number, and thank God he did not play around with taxes for that froup.

circle zee · #10 2nd March 2008, 08:48 PM

Quote:

Originally Posted by ratan jain

Dont worry, they have reduced excise duty on life saving drugs

That's the thing about finance minister PC......u just cant easily figure out what he is giving us and what taking back...

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