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Budget 2009 10
 

Budget 2009 10

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    Budget 2009 10 Budget 2009 10 Presentation Transcript

    • What is budget?
      Budget is a Plan made for the future Income and Expenditure of any one.
      • What is Union Budget?
      Union budget is a Plan made for the future Income and Expenditure of the Nation.
    • BOOK KEEPING
      Source: Budget paper
    • BOOK KEEPING
      Source: Budget paper
    • WHAT IT MEAN FOR BHARAT
      Spending on job guarantee & Bharat Nirman to rise by 144% & 45%, respectively.
      Farmers to benefit from Rs. 38000 crore increase in credit flow.
      Subsided 7% interest schemes for crop loans to continue & incentive for regular payers, loans @ 6%.
      Big Booster to rural healthcare and skill development.
      Major tax breaks for agro Processing Industry.
    • WHAT IT MEAN FOR THE ECONOMY
      Sharp 13% increase in spending
      to continue to provide stimulus
      to economy.
      Boost to infrastructure and leg up to consumption through tax rebate and increased social spending.
      (Fiscal deficit 6.8% of GDP. Half of it to be met through market borrowings, the rest via printing notes.)
    • Cause for Concern
      F:- forecast
    • WHAT IT MEANS FOR TAXPAYERS
      • Saving on personal income tax as
      exemption limit hiked by 10k, 15k
      for senior citizen.
      • The 10% Surcharge on individual income in excess of Rs. 10 lakh goes.
      • Employees to pay tax in perquisites such as Esops and contribution to superannuation funds
    • TAX SLABS
      INDIVIDUAL
      *The total tax is lieved on the total tax not just in the income excess of Rs. 10,00,000.
    • TAX SLABS
      WOMEN
      *The total tax is lieved on the total tax not just in the income excess of Rs. 10,00,000.
    • TAX SLAB
      SENIOR CITIZEN
      *The total tax is lieved on the total tax not just in the income excess of Rs. 10,00,000.
    • WHAT IT MEAN FOR CONSUMER
      Higher disposable income for consumers after tax recast.
      LCD TVs, branded Jewellery, Luxury cars cheaper.
      Set-top boxes, cotton apparel and branded fuel turn dearer.
      Cancer, AIDS and heart aliment drugs cheaper.
      • An allocation of Rs. 39100 Crore for the year 2009-10 for NREGS which increase of 144% over 2008-09 budget estimates.
      • It has been decided to launch a National Mission for Female literacy, with focus on SC, ST and other marginalised groups.
      • The unorganised or informal sector of our economy account for 92% of the employment and absorb bulk of the annual increase in our annual income.
      • Modernisation of the Employment Exchange for the job seekers.
    • WHAT IT MEAN FOR BUSINESS
      Tax burden on economy comes down
      to 10.9% of GDP, from 11.6% of GDP.
      Major tax holiday for future oil and gas producer.
      Tax exemption to IT sector & EOUs extended by one more year and service tax issues sorted out.
      Stimulus to benefit FMGC & consumer durable cos.
      Fringe Benefit tax has been abolished.
      MAT has been increased from 11% to 17%.
    • An analysis of the provisions of Budget 2009-10 and their impact on 9critical sectors
    • Automobiles
      Direct tax deduction for in-house research.
      Specific component of excise duty on large cars/utility vehicles to be reduced from Rs. 20000 per vehicle to Rs. 15000 per vehicle.
      Excise Duty on petrol-driven trucks/lorries to be reduced from 20% to 8%.
      Excise duty on chassis of such trucks/lorries to be reduced to 8% plus Rs. 10000.
    • BANKING
      Public sector banks and insurance to remain in public sector.
      India Infrastructure Finance Co. to finance 60% of commercial bank loans for public-private partnership(PPP) projects.
      Interest subsidy on bank loans for higher education.
      Special fund of Rs. 4000 crore to boost bank lending to SMEs.
      Banking networks to be expanded substantially.
      Scheduled commercial banks can set up off-site ATMs.
      Unique identification project a major step towards corporate governance.
    • HEALTHCARE
      Allocation under National Rural Health Mission increased by Rs. 2057 crore over the interim budget estimate of Rs. 12070 crore.
      Enhanced deduction given under Section 80DD for severe disabilities- changed from Rs. 75000 to Rs. 100000.
    • INFORMATION TECHNOLOGY
      Removal of anomaly in the formula for computing direct tax deduction under section 10AA.
      Excise duty/countervailing duty exemption on the portion of value representing the consideration for the transfer of the right-to-use packaged or canned software.
    • METAL AND MINING
      Simplified tax code proposed to be established soon.
      Continuation of service tax on contract mining.
      Accelerated development of railways and roads.
    • OIL AND GAS
      Undertaking to mean all blocks licensed under a single contract for the purpose of computing tax holiday.
      100% tax holiday for companies producing natural gas under NELP VIII.
      Excise duty on naphtha reduced from 16% to 14%.
    • PHARMACEUTICALS
      Introduction of safe harbour rules under transfer pricing regulations.
      5% range benefit available under transfer pricing regulations restricted.
      Basic customs duty on nine specified drugs, influenza vaccine and bulk drugs will be reduced from 10% to 5%.
    • POWER
      Tax holiday for setting up undertaking for generation, transmission or distribution of power.
      Allocation for the Accelerated Power Development and Reform Programme increased by 160% to Rs. 2080 crore.
      Plan to implement an Integrated Energy Act to improve energy security.
    • RETAIL
      • 100% tax deduction in respect of capital expenditure cold-chain facilities or a warehouse facility for the storage of agriculture produce.
      • Presumptive taxation has been increased from 5% to 8% of gross turnover/gross receipts.
      • The finance minister reiterated the commitment to introduce the goods and service tax from 1 April 2010.
    • conclusion
      conclusion
      • Government has boost the manufacturing industry such as Automobiles, Healthcare, Information Technology, Oil and Gas, Pharmaceutical, Retail.
      • Demand will boost because of rural development and increase in exemption limit.
      • Sales will increase as there is rise in the income of the consumer.
      • Profit will increase as some corporate tax has been abolished and will result in rise in sales.
    • Continue
      • As the Profit increase it will lead to increase in taxes.
      • Government income will increase.
      • RBI will give loans to private bank at Cheaper rate.
      • Private bank will give loans to public and companies at low rate.
    • Thank You
      By kunj Nagaria
      By Darshit shah