UNION BUDGET HIGHLIGHTS 2009-10

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By divya

Published: June 20, 2009

The Common public had been patient and eagerly waited for the “Union Budget Highlights for 2009 – 10″ which has turned out to be a successful one.

Let’s take a quick glance on the Union Budget 2009 – 10 presented in the Lok Sabha by our Finance Minister Mr. Pranab Mukherjee.

Tax Updates At A Glance

• Commodity Transaction tax (CTT) to be removed.
• Fringe Benifits Tax (FBT) to be decommisioned.
• FM removes Securities Transaction Tax (STT) on sale/purchase of shares by NPT
• Corporate Tax remains the same.
• No surcharge of 10% on personal Income tax.
• Service tax extented to Lawyers.
• Exemptions on Personal Income tax limit for Women has been hiked by Rs.10,000 (from Rs.1,80,000 to Rs.1,90,000)
• Exemptions on Personal Income tax limit for all others has been hiked by Rs.10,000 (from Rs.1,50,000 to Rs.1,60,000)
• Exemptions on Personal Income tax limit for Senior Citizens has been hiked to Rs.2,40,000
• No Advance tax for Small scale businesses
• Minimum Alternate Tax (MAT) on book profits hiked to 15% from 10%
• Carry forward period for tax credit under MAT has been extended to 10 years from 7 years.
• Custom Duty of 5% levied on set top boxes
• Custom Duty on bio-diesel reduced to 2.5% from 7.5%
• Exporters on Select services are exempted from Service Tax.

Railway Budget At A Glance

Railway Minister Mamta Banerjee anounced the following on Railway Budget 2009 -10

• Concession of 60% on train tickets for Students
• Passenger fares remains unchanged with no hikes across classes
• SMS updates on ticket status
• Tatkal Booking facility narrowed down to 2 days from 5 days.
• Computerized tickets to be issued over 5000 post offices
• E-ticketing to be made simpler
• ATM facilities to be provided at 200 select stations
• Increased Telephone booths (PCO/STD/ISD) and Book Store  facilities to be rolloed out at stations.
• Cold storage facility for farmers.
• Doctors for medical emergencies on trains travelling long distances.
• Special Coaches for physically challenged passengers.
• Hitech AC trains to be brought into effect with 12 new Turant AC sleeper trains across select metros.
• Non Stop trains on select routes
• Women Commandoes to be increased on select routes.
• Pantry services will be improvised as suggested by the passengers feedback.

Other Highlights At A Glance

• Hike in Set Top box prices
• LCD TV panel prices dropped
• Costs on Drugs for Heart Disease dropped
• Costs on Bulk Drugs reduced
• Gold rates are said to increase
• Import on Gold and Silver rises
• Mobile Phone prices are expected to go high
• Leather products and Sports product prices are expected to fall
• Costs on Packaged Software to reduce.

Tagged with: Railway Budget, Tax Updates, Union Budget Highlights 2009 - 10

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