| Cheaper | Costlier |
| Gaming softwares | Jewelery |
| Toys | Gold and Platinum |
| CDs | Refrigerators |
| CFLs | Televisions |
| Mobile Phones | Cement |
| Air Conditioners | |
| Cigarettes | |
| SUVs | |
| Fuel |
The fuel prices are likely to go up very soon. Finance minister Pranab Mukherjee announced in the parliament today that excise duty on petrol and diesel will be raised to Rs 1/litre.
He also announced to restore 5% duty on crude petroleum and 7.5% duty on petrol and diesel.
With this announcement there was an uproar in the paliament and the oppostion walkout in Lok Sabha
The finance minister of India Mr. Pranab Mukherjee announced the restructuring of Income tax slabs while presenting the budget for 2010-11. The new slabs include 30% tax on income above Rs 8 lacs , 20% tax on income between Rs5 lacs to 8 lacs and 10% tax on income between Rs1.6 lacs to 5 lacs.
The relaxation limit under section 80C has been inceased to Rs. 2 lakhs.
He also announced that the exemption limit in Income Tax will be enhanced to Rs. 1.6 laks.
Besides this, the surcharge has also been withdrawn. Current surcharge on companies has also been reduced to 7.5%.
The presumptive tax limit has also been raised to Rs 60 lacs.
He also announced a deduction of Rs 20000 on investment in infra bonds.
Union Finance minister Mr. Pranab Mukherjee announced in the parliament that Rs 3000 Crs will be spent for impetus of agriculture sector in India.
Besides this, the farm loan payments have also been extended for six months.
Pranab also said that the subsidy on fertlizers is to be reduced. To strile a balnce, there is also an announcement of 2% subsidy on loans to the farmers.
Finance minister while presenting the union budget 2010-11 announced a raised fund for defence increased to Rs 1.47 lac Crs. He also said that Defence capex has been raised to Rs 60000 Crs.
"It's a budget to boost growth. An exceedingly good job. Well Done."PM Manmohan Singh
"This would help in improving the health-care delivery mechanism which will indirectly help health insurers to serve their clients better,"Krishnamoorthy Rao, CEO and MD, Future Generali India Insurance Co Ltd
"The middle-class will have a huge investible surplus in their hands because the lower income-tax levels."Rajesh Relan, managing director, MetLife India Insurance Company Limited
"The government's agenda of inclusive growth has been reinforced with increased social spending and welcome measures like extension of the Rashtriya Swasthya Bima Yojana health insurance scheme to NREGA beneficiaries"Mr Dasgupta, ICICI Lombard GIC
The Finance Minister has given a surprising gift to common man in the form of significant expansion of income tax slabs. He has taken a small yet creditable step by enhancing the threshold limit. The surcharge has also been removed.
Because of the new tax rates people having a taxable income above Rs 3,00,000 and up to Rs 5,00,000 will now attract a tax at a lower rate of 10% as against 20% earlier. Therefore, the taxpayer will save 10% of his income between Rs 3,00,000 and Rs 5,00,000 in the new tax system. If his income is Rs 5,00,000, his net savings will be Rs 20,600 along with 3% education cess. The new tax rates have put more money in the wallets of the middle income group.
Corporate tax payers have also been benefited. The Finance Minister has unscrathed the base rate of corporate tax of 30% and education cess of 3% while he has reduced the levy of surcharge from the existing rate of 10% to 7.5% for corporate tax payers.
IT industry has given thumbs up to Union Budget 2010 presented by the Finance Minister Pranab Mukherjee. Government's positive outlook on Special Economic Zones (SEZs) and some other Budget announcements are the reasons for the IT industry appreciating the Budget. Though disappointed over the Union Government's silence on the extension of tax breaks under the Software Technology Parks of India (STPI) scheme, the industry is not too worried and the bosses feel that there is still plenty of time left to negotiate the issue with the government.
Indian stock market made a very strong positive reaction after the union budget speech of Pranab Mukherjee. The sensex shot up over 391 points as the Finance minister announced huge public investments along with a reduction in surcharge for corporates in his budget speech.
Finance minister Pranab Mukherjee made an important announcement while presenting the budget 2010-11 that the Direct Tax Code will be implemented from April 1, 2011. He said "While we have already begun wide discussions before implementing the uniform Direct Tax Code by April 1, 2011, we are involving people and other stake holders on its design."
Finance minister of India, Mr. Pranab Mukherjee made a number of announcements that stressed to develop the infra sector of India. Funding of various schemes and sectors seem to lay the imprint of an unmatched development.
Mukherjee announced a sum of Rs. 10,000 crores towards Indira Awaas Yojna and Rs. 48000 crores towards Bharat Nirman Yojna. 25% of the planned allocation will be directed towards rural infrastructure.
An interest subvention for housing loans up to Rs. 1 lac has also been announced.
Besides this, The fund allocation towards NREGA scheme has also been enhanced to Rs. 41000 crores.
Another important announcement stated the allocation of Rs. 5130 crores for the power sector.
Pranab Mukherjee, the finance minister of India declared a target of Rs 25,000 crores through the disinvestment process. He said that the government aims to produce a total sum of Rs 25,000 by disinvesting the stake of government in some pre decided firms and organization.
Pranab Mukherjee announced in the parliament an interest subvention of 2% to be extended for handicrafts and SMEs. The finance minister also said that Rs 200 Crs will be spent for Tamil Nadu textile sector. Besides this, skill development programme for textile sector have also been announced.
Finance minister announced a fund of rs. 2400 crores towards the Micro Small and Medium Enterprises (MSMEs) of India. He stated that special attention was required for MSMEs and this is a sincere effort on the part of the government. The allocation of fund is made with the sole view of boosting the MSME sector.