Budget Details - India

Budget Hints for 2009-10:

• MAT hiked from 10% to 15%.
• CTT to be abolished(Commodities Transaction Tax).
• FBT abolished(Fringe Benefit Tax).
• Surcharge of 10% on personal income tax removed.
• STPI extended by 1 year.
• Surcharge on corporate tax to continue.
• To introduce new investment linked tax SOPS.
• To create resolution for TP disputes(Transfer Pricing).
• No STT on sale/purchase of shares by NPA trust(Non Performing Asset).
• Personal tax exemption raised of Rs.10000/- for man, woman and Rs.15000/- for senior citizens.
• Footwear to become Cheaper.
• Mobile phones to be more expensive.
• Carry forward period for MAT credit increased from 7Yrs. To 10 Yrs.
• Tax holiday for exporters extended to 2011.
• National pension scheme exempt from STT.
• Meaning of Charitable purpose redefined.
• Customs duty on gold bars raised.
• Customs duty on LCD panels reduced.
• 4% Excise duty on cotton textiles restored.
• Customs duty on Bio-diesel reduced.
• 5% customs duty on set top box.
• 8% excise duty on man made and yarn products.
• Exemption on branded jewellery – excise
• Presumptive taxation to biz tax
• Section 80dd enhanced from Rs.75000/- to Rs.100000/-.
• 5% on reduction on small bulk drugs – customs.
• To introduce GST on 1^st April 2010.
• Fiscal deficit projected at 6.8%
• Growth expectation of 9%