The document summarizes the key topics discussed in a panel discussion on the Union Budget 2011-2012 in India. It includes summaries of the budget's impact on various sectors like agriculture, taxes, subsidies, women and senior citizens, infrastructure, and fiscal prudence. Specific allocations and policy changes are mentioned for agriculture, subsidies, taxes, infrastructure spending, and the government's aim to reduce the fiscal deficit. The panel discussion covered the budget's implications for different areas of the economy and society.
The Union Budget of 2010-2011 aimed to help India recover from the global economic slowdown faster than other countries. It focused on reviving GDP growth to over 9% annually by addressing challenges like improving public services and fostering more inclusive economic growth. Key measures included income tax cuts for individuals, increased allocation for rural jobs, infrastructure, and health. The budget projected a fiscal deficit of 5.5% of GDP for 2010-2011.
The document summarizes the Indian government's approach to the 2012 budget. Key points include:
1) The Indian economy's growth slowed in 2011-12 due to global factors but remains one of the fastest growing.
2) The budget aims to improve the macroeconomic environment and strengthen domestic growth drivers through fiscal and monetary policy changes.
3) Reforms to subsidies, taxation, investment policies, and infrastructure development are outlined to support inclusive and sustainable growth goals.
Union Budget 2012-13 aimed to boost growth while reducing the fiscal deficit. Key measures included increasing indirect tax rates to pave way for GST, introducing GAAR to curb tax avoidance, and relaxing ECB norms to support infrastructure and other sectors. However, the proposed retrospective amendment to tax indirect transfer of Indian assets could face legal challenges and impact investment. Overall the budget focused on fiscal consolidation and growth, but timely implementation will determine its effectiveness.
The document discusses key highlights of the Indian Union Budget for 2014-2015. It provides details of allocations to various sectors such as defense, food subsidies, railways, rural development and others. It also compares receipts and expenditures for fiscal years 2012-2013, 2013-2014 and 2014-2015. The document outlines expected outcomes for 2014-2015 including achieving fiscal deficit target of 3% of GDP by 2016-2017 and balancing price stability with economic growth. It recommends priorities such as infrastructure development, manufacturing, skill development and urbanization.
A descriptive presentation on Understanding the Union Budget - 2020, containing detailed interpretation of various amendments in Direct and Indirect Tax Structure.
Good Luck!!
Good Luck!!
This was a presentation on Budget Changes in the Direct Tax Regime at Ellisbridge Study Circle. Budget 2011 Direct Tax changes were covered in an exhaustive manner.
The document discusses key aspects of the Union Budget of India including its meaning and impact. It means higher spending on job guarantee, farm credit, and rural development. Taxes are reduced for individuals and corporations to increase disposable income and stimulate the economy. Sectors like automobiles, banking, and retail will benefit from tax cuts and incentives while rural sectors see increased funding. The conclusion is that manufacturing, demand, sales, and ultimately taxes and government income will increase due to the budget provisions.
On 1st March 2021, CM Bhupesh baghel presented the budget for the state of Chhattisgarh. There are many schemes related to agriculture, education, health that lead Chhattisgarh to grow in the best possible way. For the first time, any state will present a separate budget for the child. The youth are having many expectations, that the CM will talk about the employment opportunity in the budget but again no such mention of employment. No provisions for tax.
The Union Budget of 2010-2011 aimed to help India recover from the global economic slowdown faster than other countries. It focused on reviving GDP growth to over 9% annually by addressing challenges like improving public services and fostering more inclusive economic growth. Key measures included income tax cuts for individuals, increased allocation for rural jobs, infrastructure, and health. The budget projected a fiscal deficit of 5.5% of GDP for 2010-2011.
The document summarizes the Indian government's approach to the 2012 budget. Key points include:
1) The Indian economy's growth slowed in 2011-12 due to global factors but remains one of the fastest growing.
2) The budget aims to improve the macroeconomic environment and strengthen domestic growth drivers through fiscal and monetary policy changes.
3) Reforms to subsidies, taxation, investment policies, and infrastructure development are outlined to support inclusive and sustainable growth goals.
Union Budget 2012-13 aimed to boost growth while reducing the fiscal deficit. Key measures included increasing indirect tax rates to pave way for GST, introducing GAAR to curb tax avoidance, and relaxing ECB norms to support infrastructure and other sectors. However, the proposed retrospective amendment to tax indirect transfer of Indian assets could face legal challenges and impact investment. Overall the budget focused on fiscal consolidation and growth, but timely implementation will determine its effectiveness.
The document discusses key highlights of the Indian Union Budget for 2014-2015. It provides details of allocations to various sectors such as defense, food subsidies, railways, rural development and others. It also compares receipts and expenditures for fiscal years 2012-2013, 2013-2014 and 2014-2015. The document outlines expected outcomes for 2014-2015 including achieving fiscal deficit target of 3% of GDP by 2016-2017 and balancing price stability with economic growth. It recommends priorities such as infrastructure development, manufacturing, skill development and urbanization.
A descriptive presentation on Understanding the Union Budget - 2020, containing detailed interpretation of various amendments in Direct and Indirect Tax Structure.
Good Luck!!
Good Luck!!
This was a presentation on Budget Changes in the Direct Tax Regime at Ellisbridge Study Circle. Budget 2011 Direct Tax changes were covered in an exhaustive manner.
The document discusses key aspects of the Union Budget of India including its meaning and impact. It means higher spending on job guarantee, farm credit, and rural development. Taxes are reduced for individuals and corporations to increase disposable income and stimulate the economy. Sectors like automobiles, banking, and retail will benefit from tax cuts and incentives while rural sectors see increased funding. The conclusion is that manufacturing, demand, sales, and ultimately taxes and government income will increase due to the budget provisions.
On 1st March 2021, CM Bhupesh baghel presented the budget for the state of Chhattisgarh. There are many schemes related to agriculture, education, health that lead Chhattisgarh to grow in the best possible way. For the first time, any state will present a separate budget for the child. The youth are having many expectations, that the CM will talk about the employment opportunity in the budget but again no such mention of employment. No provisions for tax.
The document summarizes key aspects of the Indian Union Budget for 2010-2011. It outlines the government's goals of achieving strong, inclusive growth and addresses economic challenges through initiatives like increasing infrastructure spending, supporting agriculture and rural development, and boosting the financial and education sectors. Tax rates and slabs are adjusted and exemptions expanded for certain medical equipment and renewable energy projects. Overall, the budget aims to continue the country's growth while improving social welfare.
The document discusses India's New Economic Policy reforms initiated in 1991. It provides background on India's mixed economy model prior to 1991 which was dominated by the public sector. The economic crisis of 1991 prompted the government to liberalize and open up the economy. The reforms included industrial sector reforms like reducing licensing, financial sector reforms like allowing private banks, fiscal reforms like reducing income and corporate taxes, foreign exchange reforms like floating the rupee, and trade reforms like reducing import restrictions and tariffs. The goal of the reforms was to accelerate growth by increasing private investment and making the economy more efficient and competitive.
#MP2012 Presentation of the MInistry of FinanceFMINigeria
The document provides an outline and summary of the presentation of the Federal Ministry of Finance of Nigeria for May 2012. It discusses the Ministry's mandate to administer and control federal finances, mobilize resources, and coordinate revenue allocations. It outlines the Ministry's scorecard format and key performance indicators related to fiscal balance, efficient financial management, budget performance, and contributions to financial stability. It highlights initiatives like the YouWin program to support entrepreneurs and the public works program to create jobs. Overall revenues met targets for the first quarter while debt was maintained at sustainable levels.
This document summarizes the key impacts of the 2017 Union Budget of India on consumer companies and consumers. It discusses how the budget aims to boost rural consumption through increased allocations to rural employment and development programs. It also reduces personal income tax for some individuals. For consumer companies, rural focused brands may see gradual recovery while others gain. The budget increases excise duties on cigarettes and tobacco mildly. Consumers will pay more for cigarettes, tobacco, imported goods, train travel, and silver due to tax increases, while education may become cheaper.
The document provides details about the Union Budget of India for 2020-21. Some key points:
- Total expenditure is estimated at Rs. 30,42,230 crore, 12.7% higher than 2019-20. Capital expenditure is expected to rise 18.1% to Rs. 4,12,085 crore.
- Total receipts excluding borrowings are estimated at Rs. 22,45,893 crore, up 16.3%. The gap will be met through borrowings of Rs. 7,96,337 crore.
- Key sectors that will receive funding include agriculture, infrastructure, railways, healthcare, and education. The budget also aims to boost manufacturing and renewable
The Union Budget for 2011-2012 made several changes to taxes and introduced reforms. Personal income tax exemptions were raised and income tax forms were simplified. Service tax and duties on some goods were increased, while customs duties on some machinery were decreased. The fiscal deficit was projected to decline gradually over the next few years. Spending on infrastructure, rural development, education, health and other social sectors was increased. Agriculture support measures like interest subsidies and credit targets were announced.
our comprehensive presentation covering the key tax as well as financial proposals discussed during the Union Budget 2021-22 speech, which was delivered by Finance Minister Nirmala Sitharaman.
With plenty of hype surrounding the Budget owed to its arrival at a time when the country is reeling from a pandemic and an economic slowdown, the Budget covered various proposals which were centered around reducing the period of reopening of tax assessments, giving tax relief on certain fronts, streamlining tax litigation, corporate law, GST & other indirect taxes, and increasing the ease of doing business.
This document provides a summary and analysis of the Indian Union Budget for 2020-21 by Sam Ghosh. It covers several areas including macroeconomic scenario, financial system reforms, sources of government funds, and fiscal strategy. Some of the key points discussed are the GDP growth estimate of 5.8% for 2020-21, reforms proposed for banking and NBFC sectors, plans to raise funds through disinvestment and changes in direct/indirect tax policies. The analysis provides an overview of the major policy initiatives and their expected impact.
The document discusses key aspects of the Indian Union Budget for 2016-17. It explains that the Union Budget is an annual financial statement of estimated government receipts and expenditures. It also provides facilities for farmers, such as bringing 28.5 lakh hectares under irrigation, developing 5 lakh farm ponds and dug wells, and 10 lakh compost pits to support organic manure production. In conclusion, the presentation outlines what the 2016-17 Union Budget entailed and the new facilities it introduced for farmers.
Union budget- Introduction, classification, procedure, current status of budget in India, military budget in India. Defence budget in India-its status, focus and forecasts of budgets
Finance Minister Arun Jaitley presented India's fourth budget in 2018. For the real estate sector, he announced the establishment of an Affordable Housing Fund, amendments to transfer equity in the National Housing Bank to the government, and measures to develop REITs and InvITs to monetize assets. The budget also proposed no tax adjustment for real estate transactions where the circle rate value differs from the transaction value by less than 5%.
The Union Budget for 2012-2013 aims to promote domestic demand-led growth, private investment, and infrastructure development while addressing issues like inflation, fiscal deficit, and corruption. Key highlights include increasing direct tax exemption limits, implementing the Goods and Services Tax, using Aadhaar for welfare schemes, allocating more funds for agriculture, education, and skill development, and introducing measures to curb black money and improve governance. However, lower GDP growth, high subsidy spending, and a widening fiscal deficit pose challenges to achieving fiscal consolidation targets.
what is budget
Expectations of the public
Conclusions of Budget speech
surprising facts
sasta aur mehanga
plan & Non plan expenses
Capital expenses and revenue expenses
Revenue deficit & Fiscal Deficit
Rajiv Gandhi Equity Saving Scheme
Asset Creation
www.indiabudget.nic.in
The document discusses key aspects of the Union Budget of India for agriculture, including definitions, past allocations and targets, challenges facing the sector, and measures taken in recent budgets to support agriculture. The 2011-12 Union Budget increased allocation for agriculture to Rs. 147.44 billion, raised the farm credit target to Rs. 4,750 billion, and reduced customs duty on some agriculture equipment. It also included schemes for sustainable agriculture, food parks, and storage infrastructure.
The document provides an overview of key proposals in India's Union Budget for 2009, including changes to income tax, customs duty, excise duty, and service tax. Some key points include raising the basic income tax exemption limit and MAT rate, removing the surcharge on personal income tax, extending certain tax holidays, and withdrawing the levy of FBT. The budget aims to promote growth while addressing fiscal concerns over the projected higher fiscal deficit. It also outlines various measures to simplify the tax system and improve tax administration.
The document summarizes key aspects of the Indian Union Budget for 2012-2013, including plans to achieve the Vision 2020 goals, changes to personal income tax rates and exemptions, support for infrastructure development, rural development, education, and skill building. It also provides an overview of the Indian economy and analysis of the budget's expected impacts on business, fiscal consolidation, economic changes, and consumers.
The document provides details about the Union Budget of India for 2009-2010. It summarizes the key aspects of the budget including total estimated expenditures of Rs. 10.2 trillion and estimated revenues of Rs. 6.1 trillion. It outlines spending increases for sectors like rural development, education, health, and infrastructure development. The economic survey highlights India's GDP growth target of 7.5% for 2009-2010 with challenges from the global slowdown and inflation addressed through fiscal policy changes.
The Union Budget for 2021-22 focused on seven key areas to revive the Indian economy: health and wellbeing, physical and financial capital, infrastructure, inclusive development, human capital, innovation, and governance. Major announcements included increased healthcare spending, new clean water and sanitation programs, infrastructure development, tax benefits for senior citizens and startups, and customs duty changes. However, the budget did not provide much tax relief for salaried individuals and lacked strong policies to boost demand. Overall, the budget aimed to boost capital expenditures but faces challenges in managing fiscal deficits and inflation.
A trial balance is a bookkeeping worksheet that compiles the debit and credit balances of all general ledger accounts. It is prepared periodically, usually at the end of a reporting period, to check that the mathematical totals of debits and credits in the general ledger are equal. It acts as the first step in preparing financial statements and ensures account balances are accurately extracted from ledgers. While a trial balance verifies arithmetic accuracy, some errors may remain undetected if offsetting incorrect debits and credits are made.
Do you know what a trial balance is?
If you are associated with accounting, then you don't need to look at it. But those of you, with no knowledge of accounting will get a basic idea of what trial balance is all about.
The document summarizes key aspects of the Indian Union Budget for 2010-2011. It outlines the government's goals of achieving strong, inclusive growth and addresses economic challenges through initiatives like increasing infrastructure spending, supporting agriculture and rural development, and boosting the financial and education sectors. Tax rates and slabs are adjusted and exemptions expanded for certain medical equipment and renewable energy projects. Overall, the budget aims to continue the country's growth while improving social welfare.
The document discusses India's New Economic Policy reforms initiated in 1991. It provides background on India's mixed economy model prior to 1991 which was dominated by the public sector. The economic crisis of 1991 prompted the government to liberalize and open up the economy. The reforms included industrial sector reforms like reducing licensing, financial sector reforms like allowing private banks, fiscal reforms like reducing income and corporate taxes, foreign exchange reforms like floating the rupee, and trade reforms like reducing import restrictions and tariffs. The goal of the reforms was to accelerate growth by increasing private investment and making the economy more efficient and competitive.
#MP2012 Presentation of the MInistry of FinanceFMINigeria
The document provides an outline and summary of the presentation of the Federal Ministry of Finance of Nigeria for May 2012. It discusses the Ministry's mandate to administer and control federal finances, mobilize resources, and coordinate revenue allocations. It outlines the Ministry's scorecard format and key performance indicators related to fiscal balance, efficient financial management, budget performance, and contributions to financial stability. It highlights initiatives like the YouWin program to support entrepreneurs and the public works program to create jobs. Overall revenues met targets for the first quarter while debt was maintained at sustainable levels.
This document summarizes the key impacts of the 2017 Union Budget of India on consumer companies and consumers. It discusses how the budget aims to boost rural consumption through increased allocations to rural employment and development programs. It also reduces personal income tax for some individuals. For consumer companies, rural focused brands may see gradual recovery while others gain. The budget increases excise duties on cigarettes and tobacco mildly. Consumers will pay more for cigarettes, tobacco, imported goods, train travel, and silver due to tax increases, while education may become cheaper.
The document provides details about the Union Budget of India for 2020-21. Some key points:
- Total expenditure is estimated at Rs. 30,42,230 crore, 12.7% higher than 2019-20. Capital expenditure is expected to rise 18.1% to Rs. 4,12,085 crore.
- Total receipts excluding borrowings are estimated at Rs. 22,45,893 crore, up 16.3%. The gap will be met through borrowings of Rs. 7,96,337 crore.
- Key sectors that will receive funding include agriculture, infrastructure, railways, healthcare, and education. The budget also aims to boost manufacturing and renewable
The Union Budget for 2011-2012 made several changes to taxes and introduced reforms. Personal income tax exemptions were raised and income tax forms were simplified. Service tax and duties on some goods were increased, while customs duties on some machinery were decreased. The fiscal deficit was projected to decline gradually over the next few years. Spending on infrastructure, rural development, education, health and other social sectors was increased. Agriculture support measures like interest subsidies and credit targets were announced.
our comprehensive presentation covering the key tax as well as financial proposals discussed during the Union Budget 2021-22 speech, which was delivered by Finance Minister Nirmala Sitharaman.
With plenty of hype surrounding the Budget owed to its arrival at a time when the country is reeling from a pandemic and an economic slowdown, the Budget covered various proposals which were centered around reducing the period of reopening of tax assessments, giving tax relief on certain fronts, streamlining tax litigation, corporate law, GST & other indirect taxes, and increasing the ease of doing business.
This document provides a summary and analysis of the Indian Union Budget for 2020-21 by Sam Ghosh. It covers several areas including macroeconomic scenario, financial system reforms, sources of government funds, and fiscal strategy. Some of the key points discussed are the GDP growth estimate of 5.8% for 2020-21, reforms proposed for banking and NBFC sectors, plans to raise funds through disinvestment and changes in direct/indirect tax policies. The analysis provides an overview of the major policy initiatives and their expected impact.
The document discusses key aspects of the Indian Union Budget for 2016-17. It explains that the Union Budget is an annual financial statement of estimated government receipts and expenditures. It also provides facilities for farmers, such as bringing 28.5 lakh hectares under irrigation, developing 5 lakh farm ponds and dug wells, and 10 lakh compost pits to support organic manure production. In conclusion, the presentation outlines what the 2016-17 Union Budget entailed and the new facilities it introduced for farmers.
Union budget- Introduction, classification, procedure, current status of budget in India, military budget in India. Defence budget in India-its status, focus and forecasts of budgets
Finance Minister Arun Jaitley presented India's fourth budget in 2018. For the real estate sector, he announced the establishment of an Affordable Housing Fund, amendments to transfer equity in the National Housing Bank to the government, and measures to develop REITs and InvITs to monetize assets. The budget also proposed no tax adjustment for real estate transactions where the circle rate value differs from the transaction value by less than 5%.
The Union Budget for 2012-2013 aims to promote domestic demand-led growth, private investment, and infrastructure development while addressing issues like inflation, fiscal deficit, and corruption. Key highlights include increasing direct tax exemption limits, implementing the Goods and Services Tax, using Aadhaar for welfare schemes, allocating more funds for agriculture, education, and skill development, and introducing measures to curb black money and improve governance. However, lower GDP growth, high subsidy spending, and a widening fiscal deficit pose challenges to achieving fiscal consolidation targets.
what is budget
Expectations of the public
Conclusions of Budget speech
surprising facts
sasta aur mehanga
plan & Non plan expenses
Capital expenses and revenue expenses
Revenue deficit & Fiscal Deficit
Rajiv Gandhi Equity Saving Scheme
Asset Creation
www.indiabudget.nic.in
The document discusses key aspects of the Union Budget of India for agriculture, including definitions, past allocations and targets, challenges facing the sector, and measures taken in recent budgets to support agriculture. The 2011-12 Union Budget increased allocation for agriculture to Rs. 147.44 billion, raised the farm credit target to Rs. 4,750 billion, and reduced customs duty on some agriculture equipment. It also included schemes for sustainable agriculture, food parks, and storage infrastructure.
The document provides an overview of key proposals in India's Union Budget for 2009, including changes to income tax, customs duty, excise duty, and service tax. Some key points include raising the basic income tax exemption limit and MAT rate, removing the surcharge on personal income tax, extending certain tax holidays, and withdrawing the levy of FBT. The budget aims to promote growth while addressing fiscal concerns over the projected higher fiscal deficit. It also outlines various measures to simplify the tax system and improve tax administration.
The document summarizes key aspects of the Indian Union Budget for 2012-2013, including plans to achieve the Vision 2020 goals, changes to personal income tax rates and exemptions, support for infrastructure development, rural development, education, and skill building. It also provides an overview of the Indian economy and analysis of the budget's expected impacts on business, fiscal consolidation, economic changes, and consumers.
The document provides details about the Union Budget of India for 2009-2010. It summarizes the key aspects of the budget including total estimated expenditures of Rs. 10.2 trillion and estimated revenues of Rs. 6.1 trillion. It outlines spending increases for sectors like rural development, education, health, and infrastructure development. The economic survey highlights India's GDP growth target of 7.5% for 2009-2010 with challenges from the global slowdown and inflation addressed through fiscal policy changes.
The Union Budget for 2021-22 focused on seven key areas to revive the Indian economy: health and wellbeing, physical and financial capital, infrastructure, inclusive development, human capital, innovation, and governance. Major announcements included increased healthcare spending, new clean water and sanitation programs, infrastructure development, tax benefits for senior citizens and startups, and customs duty changes. However, the budget did not provide much tax relief for salaried individuals and lacked strong policies to boost demand. Overall, the budget aimed to boost capital expenditures but faces challenges in managing fiscal deficits and inflation.
A trial balance is a bookkeeping worksheet that compiles the debit and credit balances of all general ledger accounts. It is prepared periodically, usually at the end of a reporting period, to check that the mathematical totals of debits and credits in the general ledger are equal. It acts as the first step in preparing financial statements and ensures account balances are accurately extracted from ledgers. While a trial balance verifies arithmetic accuracy, some errors may remain undetected if offsetting incorrect debits and credits are made.
Do you know what a trial balance is?
If you are associated with accounting, then you don't need to look at it. But those of you, with no knowledge of accounting will get a basic idea of what trial balance is all about.
Trial balance is prepared after closing all ledger accounts to check the arithmetical accuracy of the financial records by ensuring total debits equal total credits. It lists debit and credit balances of ledger accounts and is used to locate errors and as the basis for preparing final financial statements. The trial balance format presents account headings and their debit or credit balances in two columns with totals that must be equal for the accounting to be accurate.
Cash Book is a special Journal
in which all cash and bank transactions
of a business are recorded first
in a chronological order.
It serves the purpose of the Ledger also, so far as the Cash and Bank Accounts are concerned.
The document provides examples of journal entries and explains the accounting process. It discusses how transactions are first recorded in journals before being posted to individual accounts. Debits are listed before credits in journal entries and credits are indented. Accounts record the effects of transactions by showing increases or decreases to asset, liability, equity, expense and revenue accounts.
The document discusses capital budgeting, which is the process companies use to evaluate long-term investments. It involves identifying potential capital projects, analyzing their expected cash flows, prioritizing projects based on available resources and strategy, and monitoring approved projects. The goals are to increase company value and returns. Key aspects covered include the capital budgeting process, principles, types of projects, and importance of making sound capital budgeting decisions given the large investments, long-term implications, risks, and difficulty of accurately forecasting future cash flows.
The document discusses trial balance, which is a statement that lists the debit and credit balances of ledger accounts to test the arithmetical accuracy of accounting books. A trial balance has certain features, such as being prepared on a specific date and including all ledger accounts. It also discusses the purpose of a trial balance, which is to test accuracy, provide a summary of ledger account balances, and serve as the basis for preparing final financial statements. The document outlines different methods for preparing a trial balance and provides examples of common account adjustments that are made, such as for closing stock, depreciation, outstanding expenses, and prepaid expenses.
Accounting grade 11- Chapter 4 recording of transaction iiHuma Tarannum
1. The document provides sample questions and answers related to recording of transactions in accounting. It covers topics like cash book, contra entries, special purpose books, petty cash book, journal entries, subsidiary journals and more.
2. Sample transactions are provided to demonstrate recording entries in simple and double column cash books. Transactions include cash/bank receipts and payments.
3. Key terms like imprest system, contra entries, posting, balancing of accounts are explained concisely in the short and long answers. Differences between various accounting concepts are also summarized.
The document is a trial balance for an accounting firm that checks ledger entries balance. It lists account names and balances, with notes explaining that bank overdraft and owner's drawings have credit balances, while capital is the balancing figure. Errors like entering amounts to the wrong account or missing matching transactions will not be caught by a trial balance.
How To Solve Difficult Adjustments And Journal Entries In Financial AccountsAugustin Bangalore
The document provides explanations and journal entries for various accounting adjustments and concepts:
1. It explains the order of assets and liabilities in the balance sheet as well as the concepts of order of permanence and order of liquidity.
2. It discusses how income tax is treated for sole proprietorships, partnerships, and companies and provides the related journal entries.
3. It explains the treatment of indirect taxes as business expenditures and provides a journal entry example.
This document introduces the key financial statements prepared at the end of an accounting period: the trading account, profit and loss account, and balance sheet. It explains that the trial balance is prepared first using debit and credit columns to show asset/expense and liability/income balances. The trading account calculates gross profit by subtracting the cost of goods sold from net sales. The profit and loss account then calculates net profit by subtracting total expenses from total profits including gross profit and other income. Finally, the balance sheet presents the financial position by showing assets, liabilities, and capital/net assets.
Final account trading account pl acc balance sheetVJTI Production
The document provides details about the final accounts process in accounting. It explains that final accounts include the preparation of trading, profit & loss, and balance sheet statements. These statements are prepared from the trial balance to determine the profit/loss for the year and the year-end financial position. The document outlines the key components of the trading account, profit & loss account, and balance sheet, and provides examples of their format and various adjustments made in their preparation.
The document discusses types of errors that can occur in accounting records and trial balances. It explains that a trial balance checks the arithmetic accuracy of accounts but not necessarily their accuracy. Errors can be of omission, commission, principle, compensation, original entry, or complete reversal. Specific examples are provided of different error types and the correcting journal entries.
The document summarizes journal and ledger posting concepts and procedures. It provides examples of journal entries for capital contributions by partners and transactions involving cash, purchases, sales, and other accounts. It then explains the key aspects of ledger accounts including their format and the posting process to transfer journal entries to respective accounts in the ledger. Procedures for compound journal entries and advantages of the ledger are also outlined.
The cash book is a special journal used to record all cash receipts and payments. It has two parts - receipts on the debit side and payments on the credit side. It serves as both a journal and ledger by recording chronological cash transactions and maintaining balances. The cash book helps ascertain cash and bank balances without physical verification and verifies the correctness of balances. It is an important book that gives daily closing cash and bank balances.
The document discusses final accounts, which are prepared at the end of the financial year and include the trading account, profit and loss account, and balance sheet.
The trading account shows gross profit or loss and is prepared from items like opening stock, purchases, sales, and closing stock. The profit and loss account is prepared from the gross profit/loss and shows net profit or loss using items like expenses.
The balance sheet shows the financial position on a date through assets like fixed assets and current assets, and liabilities like capital, creditors, and outstanding salaries. It balances when total assets equal total liabilities.
A trial balance is a list of all ledger account balances on a given date arranged in separate debit and credit columns. It is prepared to test arithmetic accuracy, help prepare financial statements, locate errors, allow comparison, and make adjustments. However, a trial balance does not conclusively prove accuracy as some errors like omissions, original errors, errors of principle, or compensating errors may not be disclosed. The example shows a trial balance prepared from account balances extracted from Mohan Kumar's books on March 31, 2010 with equal totals for debit and credit columns.
Project on trial balance, p & l account, balance sheet.rgarude
This document is an introduction to a student project on trial balance, profit and loss account, and balance sheet for an accounting class. It provides background on the course and assignments. It discusses the objectives of reconciling accounting theory with practice through this project. The document thanks the teacher and school for providing the opportunity and resources for the project. The overall goal is to create a helpful reference for commerce and accounting students.
Accounts project on Ledger and Trial BalanceYash Trivedi
A ledger is an accounting book that records journal entries in individual accounts in chronological order. There are three main types of ledgers: the purchase ledger, which records supplier accounts and purchases; the sales ledger, which records customer accounts and sales; and the general ledger, which organizes transactions from all journals. A trial balance is a worksheet that compiles the debit and credit balances of all ledger accounts to check that the accounting entries are mathematically correct. An unbalanced trial balance indicates there is an error in the accounting process, while a balanced trial balance means the debit and credit totals match.
India's Finance Minister Arun Jaitley announced the budget for fiscal year 2015-2016, aiming to balance growth with fiscal discipline. Key points include:
- GDP growth projected between 8-8.5%
- Fiscal deficit targeted at 3.9% of GDP
- Corporate tax to be reduced from 30% to 25% over four years
- Infrastructure investment to increase by 700 billion rupees
- Agricultural incomes and rural employment to be strengthened
The document summarizes the key points of the Union Budget of India including economic indicators, fiscal developments, policies for agriculture, education, infrastructure, rural development, and taxes. It provides an overview of the economic survey highlighting growth rates, challenges faced by the economy, and the state of key sectors. The budget aims to boost rural employment and development through increased allocations while taking a cautious approach to reforms due to the global economic slowdown.
The document summarizes key aspects of the India Budget 2016, including:
1) It focuses on 9 pillars to transform India including agriculture, rural employment, social sectors, infrastructure, financial reforms, and ease of doing business.
2) Key allocations include Rs. 36,000 crores for agriculture and farmer welfare, Rs. 38,500 crores for MGNREGS, and Rs. 2,21,246 crores for infrastructure development.
3) Reforms aim to boost startups, manufacturing, and increase FDI in various sectors such as insurance and pension funds.
The budget aims to boost growth while slowing the pace of fiscal deficit reduction. Key points include:
- GDP growth projected between 8-8.5% for 2015-2016
- Deficit target lowered to 3.9% of GDP
- Corporate tax to be reduced to 25% over 4 years
- Infrastructure investment to increase by 700 billion rupees
- Social programs expanded to promote health, education and employment.
The document analyzes India's 2009-2010 budget. It discusses changes to income tax rates and excise duties on automobiles and other goods. Key highlights included increasing the income tax exemption limit, reducing excise duties on buses, small cars, hybrid cars, and two/three-wheelers, and providing loan waivers and subsidies for farmers. The budget aimed to stimulate various sectors of the economy through these measures but faced challenges in balancing growth objectives with fiscal prudence. Experts provided mixed views, with some praising stimulus efforts but others noting weaknesses in agricultural spending and lack of public sector reforms.
The document provides an analysis of the Interim Union Budget 2019-20 presented by the Indian government. It discusses key highlights and proposals related to direct and indirect taxes. Some key points include increasing the standard tax deduction for salary income from Rs. 40,000 to Rs. 50,000. The tax exemption on notional rent is extended to a second self-occupied house. The TDS threshold for interest income from bank deposits is increased from Rs. 10,000 to Rs. 40,000. Overall, the budget aims to provide tax relief to individual taxpayers and increase spending on agriculture, infrastructure, healthcare and other social sectors.
The interim budget focused on supporting farmers and the middle class. It allocated Rs. 800 billion for income support to small farmers and increased tax exemptions for individuals. However, it revised the fiscal deficit target to 3.4% of GDP for FY2019 and announced new spending programs, which could put pressure on government finances. The markets reacted cautiously to the increased spending proposals in an otherwise populist budget aimed at the upcoming elections.
The interim budget for 2019 had some positives for farmers and the salaried class but also increased concerns about fiscal stability. Key points announced include a Rs. 75,000 crore package for small farmers, full tax rebate for income up to Rs. 500,000, and higher tax deductions. However, the budget revised the fiscal deficit target to 3.4% of GDP and announced new spending measures, which could put pressure on government finances going forward and impact inflation. The markets reacted cautiously to the budget announcements.
The document summarizes key points from the Indian Union Budget for 2012-2013. It discusses increases in the defense budget, allocation for housing for the poor, changes to import duties on certain goods, a service tax rate increase, income tax exemption and slab changes, excise duty hikes on products like cement and luxury cars, and increases in duties on cigarettes. It also notes new allocations for nutrition programs and exempting the film industry from some service taxes. Economic growth is estimated to pick up to over 7% in the following years.
The document provides an overview of the Union Budget of India for 2012-2013, which was presented by the Finance Minister Pranab Mukherjee on March 16, 2012. It discusses key highlights of the budget including tax proposals, the impact on various sectors like agriculture, infrastructure, and education, and the overall budget estimates for fiscal year 2012-2013 with a projected fiscal deficit of 5.1% of GDP.
The Union Budget 2009-10 was presented by Finance Minister Pranab Mukherjee and aimed to lead the economy back to high GDP growth, promote inclusive development, and improve government delivery. Key measures included increased infrastructure spending, rural employment guarantees, and debt relief for farmers. The budget estimated revenues of Rs. 10.2 trillion and expenditures of Rs. 10.2 trillion, with a fiscal deficit of 6.8% of GDP.
This document provides an overview of the key points from the Indian Union Budget for 2015-2016. Some of the main points included accelerating economic growth to between 8-8.5%, controlling inflation below 6%, increasing investment in infrastructure, skill development initiatives, social security programs, expanding financial inclusion efforts, and fiscal consolidation with the aim of reducing the fiscal deficit to 3% of GDP over 3 years. The budget also outlined various initiatives related to agriculture, rural development, education, healthcare, tourism, and renewable energy.
The document summarizes key aspects of the 2018-19 Union Budget presented by the Finance Minister of India. The budget focused on 6 themes: farmer, rural population, poor/underprivileged, infrastructure, financial sector, and tax proposals. It allocated funds for agriculture, rural development, healthcare, railways, women's employment, and disinvestment. The overall goals were fiscal deficit management and achieving economic stability and growth through prudent financial planning.
The Finance Minister described the past year as a "year of recovery interrupted" and said tough decisions were needed in the budget. Some key points of the budget included raising income tax exemption limits, increasing service tax and excise duty rates, allocating more funds for defense, rural development, and infrastructure projects. The Finance Minister also outlined priorities like addressing black money, corruption, and malnutrition in the coming year and estimated GDP growth of 7.6% for 2012-13 with lower inflation.
The document analyzes the Union Budget of India for 2009-2010. It discusses key aspects of the budget such as taxation changes, stimulus for the automotive and telecom sectors, agricultural initiatives, and allocations for infrastructure, education, and rural development. Experts provide views on the budget, praising measures to boost growth but noting weaknesses like low agricultural spending. In conclusion, the author commends efforts to balance growth and fiscal prudence, and sees the budget as prioritizing demand over supply-side reforms.
The document summarizes key aspects of the 2014 Union Budget of India presented by Finance Minister Arun Jaitley on July 10, 2014. Some highlights included allocating 70.6 billion for smart cities development, 10 billion for irrigation, and establishing 5 new IITs, IIMs, and AIIMS. The budget focused on reviving growth, achieving 7-8% GDP growth, and targeting anti-poverty programs. It also outlined administrative initiatives like sorting out pending tax disputes and expanding the tax base. Funding was provided for initiatives related to rural development, women and child development, education, and sports.
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The budget document provides details on India's fiscal highlights and targets for the coming year, including a GDP growth target of 9% and a fiscal deficit target of 4.6% of GDP. It outlines changes to direct and indirect taxes, including modest increases to income tax exemption limits. Excise duties were increased on some items like iron ore but decreased on others to incentivize sectors like agriculture. Additional services were brought under the service tax net. Allocations were increased for key sectors like infrastructure, social spending, and education, though some allocations like Rs 300 crore for agriculture supply chain management were viewed as too small.
The budget document provides details on key fiscal highlights including a GDP growth target of 9% and a fiscal deficit target of 4.6% of GDP. It outlines plans to lower the corporate tax surcharge and increase exemptions for individual taxpayers, as well as changes to indirect taxes that will make some consumer goods cheaper and some services more expensive. Key areas that are positively impacted include infrastructure, where allocation was increased 23%, and education, where allocation rose 24%. However, some questions remain about whether the targets can be achieved and if enough is being done to support farmers and alleviate rural issues.
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[To download this presentation, visit:
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This PowerPoint compilation offers a comprehensive overview of 20 leading innovation management frameworks and methodologies, selected for their broad applicability across various industries and organizational contexts. These frameworks are valuable resources for a wide range of users, including business professionals, educators, and consultants.
Each framework is presented with visually engaging diagrams and templates, ensuring the content is both informative and appealing. While this compilation is thorough, please note that the slides are intended as supplementary resources and may not be sufficient for standalone instructional purposes.
This compilation is ideal for anyone looking to enhance their understanding of innovation management and drive meaningful change within their organization. Whether you aim to improve product development processes, enhance customer experiences, or drive digital transformation, these frameworks offer valuable insights and tools to help you achieve your goals.
INCLUDED FRAMEWORKS/MODELS:
1. Stanford’s Design Thinking
2. IDEO’s Human-Centered Design
3. Strategyzer’s Business Model Innovation
4. Lean Startup Methodology
5. Agile Innovation Framework
6. Doblin’s Ten Types of Innovation
7. McKinsey’s Three Horizons of Growth
8. Customer Journey Map
9. Christensen’s Disruptive Innovation Theory
10. Blue Ocean Strategy
11. Strategyn’s Jobs-To-Be-Done (JTBD) Framework with Job Map
12. Design Sprint Framework
13. The Double Diamond
14. Lean Six Sigma DMAIC
15. TRIZ Problem-Solving Framework
16. Edward de Bono’s Six Thinking Hats
17. Stage-Gate Model
18. Toyota’s Six Steps of Kaizen
19. Microsoft’s Digital Transformation Framework
20. Design for Six Sigma (DFSS)
To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
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7. This implies - Doubling the agricultural growth achieved during the 9th and 10th Plan, 4
8. Introduction: Agri & allied activities One of the largest contributors (GDP) almost 17 % of total Providing needs of society & the raw materials for segments of Indian industry. Livelihood for almost two thirds of the work force. Agriculture to grow @ 5.4 per cent p.a. 5
9. UNION BUDGET 2011-12 The government of India, in latest budget proposal (2011), has allocated Rs14,744 crore The focus of most of his initiatives seem to be in strengthening existing programmes rather than creating new avenues of budgetary support. Food inflation – FM RashtriyaKrishiVikasYojana ( RKVY) Mukherjee has hiked interest rate National Mission for Protein Supplements 6
11. Fishery India - a major maritime / aquaculture country third position in fisheries second in aquaculture resources, ranging from ocean to cold hill streams own 10% of fish bio-diversity on the earth 6 % growth in the 11th Five Year Plan feasible. 8
12. Removal of supply bottlenecks in the food sector will be in focus in 2011-12 Agriculture growth key to development: Green Revolution waiting to happen in eastern region Since independence, India has become one of the largest producers of wheat, edible oil, potato, spices, rubber, tea, fishing, fruits, and vegetables in the world 9
13. The current storage capacity is 62.8 million tonnes, which is proving inadequate. India had record rice and wheat stocks of 65.6 million tonnes in its godowns in early June. 10
14. In a country where millions go hungry every day and where food prices are breaking the back of the common man, a bumper harvest is rotting in godowns. 11
15. Agriculture – not an option Farming no longer a livelihood option for youth, and this spells disaster for the future of our agriculture, since over 70% of the rural population is below the age of 35. As a result of all these factors, the growth rate in human numbers started exceeding agricultural growth rates . 12
16. 13 There is no particular vision and no strategy to make agriculture an attractive option for youngsters
19. INDIRECT TAXES The custom duty which previously used to prevail at various rates of 2%, 2.5% and 3% has now been done with and a single rate of 2.5% is likely to prevail as a uniform rate. The service tax area has been broadened with an amendment which has included two other sectors in its purview, namely, services provided by air-conditioned licensed for serving alcohol beverages and accommodation provided by hotels, etc., for less than three months
20. SUBSIDIES The Finance Minister has fixed a limit of Rs.23,000 crores for the fuel subsidy which is lesser than the previous year. But with the crude prices rising to US$120/gallon, this will not be enough. Budget 2011-12 proposes to include urea which is the most consumed fertilizer by volume, under the direct subsidy route under the Nutrient Based Subsidy (NBS) scheme.
22. BUDGET FOR SENIOR CITIZENS (MEN) After the big Bang restructuring of the income slabs in the last BUDGET, finance minister PRANAB MUKHERJEE chose to restrict additional tax relief to the more vulnerable segments of the population, mainly the senior citizen & those at the bottom of the tax pyramid. For the senior citizens the budget has reduced the qualifying age from 65years to 60years & increased their exemption limit from Rupees 2.4 Lakh to Rupees 2.5 Lakh.
23. For those who are 80years and above, it has created a new category of VERY SENIOR CITIZENS & given a higher exemption limit of Rupees 5 lakh. In more sops senior citizens, the government has lowered the age eligibility for availing benefits through the INDIRA GANDHI NATIONAL OLD AGE PENSION SCHEME for the poor from 65years to 60years. It has increased the pension amount from Rs.200/- to Rs.500/- a month for those who are 80years and above. KAUSHIK MUKHERJEE, Executive Director, Tax & Regulatory services, PWC India, Contended that the minimum age for very senior citizen should have been 70years, as that would have given relief to people who were neither able to invest in pension scheme introduced during the last decade, nor benefit from the post millennium economic boom.
24. BUDGET FOR WOMEN For Women, the finance minister has announced the creation of a women’s SHG (Self help Group) development fund with a corpus of Rupees 500 crore for small borrowers. Women were not given any additional relief, perhaps as the direct taxes code to be implemented next year does away with gender-based tax exemption. Female’s will continue to pay a lower tax to the higher exemption, but they do not get any benefit in the budget budget & the difference in the basic exemptions for male & female has narrowed to Rs.10,000/-
25. TAX SAVING IN 2011-2012 TAX PAYER PROFILE TAX SAVING 1. Women below 60years NIL 2.Men Below 60years Rs.2,060/- 3.Women above 60years to 65years Rs.6,180/- 4.Men above 60years to 65years Rs.9,270/- 5.Senior citizens (65yrs to 79yrs Rs.1,030/- 6.80years & above (Super seniors) Rs.26,780/-
27. PranabMukherjee, proposed an allocation of Rs.2,14,000 crore for infrastructure sector, which is 23.3% higher than current year. This amounts to 48.5% of the Gross Budgetary support to plan expenditure. In order to give a boost to infrastructure development in railways, ports, housing and highways development, it has been proposed to allow tax-free bonds of Rs.30,000 crore to be issued by various government undertakings in the year 2011-12. This includes Indian Railway Finance Corporation Rs.10,000 crore; National Highway Authority of India Rs.10,000 crore; HUDCO Rs.5000 crore and Ports Rs.5000 crore.
28. To attract foreign funds for infrastructure financing, the FM has proposed to create special vehicles in the form of notified infrastructure debt funds. Interest payments on the borrowings of these funds will have a reduced withholding tax rate of 5% instead of the current rate of 20%, while full exemption of income of the fund from tax has been proposed. A higher fund allocation across infrastructure development scheme Bharat Nirman has been proposed. Allocation to the tune of Rs 58,000 crore has been planned for the scheme, an increase of Rs 10,000 crore from the current year.
29. Full exemption from basic customs duty has been extended to bio-asphalt, an emerging green technology for the surfacing of roads, and specified machinery for its application in the construction of national highways. Tunnel-boring machines required for the construction of highways are also being included in this exemption. The finance minister also proposed to raise the corpus of rural infrastructrure development fund from Rs 16,000 crore to Rs 18,000 crore. Tax sops in infrastructure investment up to Rs 20,000 has been extended by a further one year.
31. INTRODUCTION At the outset, let me explain, what exactly is fiscal deficit and how is it relevant. When a government's total expenditures exceed the revenue that it generates (excluding money from borrowings). Deficit differs from debt, which is an accumulation of yearly deficit A fiscal deficit is regarded by some as a positive economic event. For example, economist John Maynard Keynes believed that deficits help countries climb out of economic recession. On the other hand, fiscal conservatives feel that governments should avoid deficits in favor of a balanced budget policy
32. TYPES OF BUDGETARY DEFICITS The different types of budgetary deficit are explained in following points :- 1. Revenue Deficit Revenue Deficit takes place when the revenue expenditure is more than revenue receipts. The revenue receipts come from direct & indirect taxes and also by way of non-tax revenue. The revenue expenditure takes place on account of administrative expenses, interest payment, defence expenditure & subsidies. Table below indicate revenue deficit of the central government of India. From the above table it is clear that revenue deficit was Rs. 18,562 crores in 1990-91 and Rs. 94,644 crores in 2005-06. As proportion of GDP, revenue deficit increased from 1.5% in 1980-81 to 3.3% in 1990-91 and declined to 2.7% in 2005-06. The decline is due to the passing of the Fiscal Responsibility and Budget Management Act in 2002.
33. 2. Budgetary Deficit Budgetary Deficit is the difference between all receipts and expenditure of the government, both revenue and capital. This difference is met by the net addition of the treasury bills issued by the RBI and drawing down of cash balances kept with the RBI. The budgetary deficit was called deficit financing by the government of India. This deficit adds to money supply in the economy and, therefore, it can be a major cause of inflationary rise in prices. Budgetary Deficit of central government of India was Rs. 2,576 crores in 1980-81, it went up to Rs. 11,347 crores in 1990-91 to Rs. 13,184 crores in 1996-97. The concept of budgetary deficit has lost its significance after the presentation of the 1997-98 Budget. In this budget, the practice of ad hoc treasury bills as source of finance for government was discontinued. Ad hoc treasury bills are issued by the government and held only by the RBI. They carry a low rate of interest and fund monetized deficit. These bills were replaced by ways and means advance. Budgetary deficit has not figured in union budgets since 1997-98. Since 1997-98, instead of budgetary deficit, Gross Fiscal Deficit (GFD) became the key indicator.
34. FISCAL 3. Fiscal Deficit Fiscal Deficit is a difference between total expenditure (both revenue and capital) and revenue receipts plus certain non-debt capital receipts like recovery of loans, proceeds from disinvestment. In other words, fiscal deficit is equal to budgetary deficit plus governments market borrowings and liabilities. This concept fully reflects the indebtedness of
35. the government and throws light on the extent to which the government has gone beyond its means and the ways in which it has done so. in 1980-81, fiscal deficit was Rs. 7,733 crores. Between 1980-81 and 1990-91 it increased 5 times to Rs. 37,606 crores. Since the introduction of economic reforms in 1991-92, the government has tried to restrict the growth of fiscal deficit. As percentage of GDP fiscal deficit declined from 6.2% in 2001-02 to 4.1% in 2005-06. 4. Primary Deficit The fiscal deficit may be decomposed into primary deficit and interest payment. The primary deficit is obtained by deducting interest payments from the fiscal deficit. Thus, primary deficit is equal to fiscal deficit less interest payments. It indicates the real position of the government finances as it excludes the interest burden of the loans taken in the past. Table below indicate primary deficit as a Percentage of GDP. Primary deficit of the central governent of India was 16,108 crores in 1990-91, it reduced to 14,591 crores in 2005-06.
36. 4. Primary Deficit The fiscal deficit may be decomposed into primary deficit and interest payment. The primary deficit is obtained by deducting interest payments from the fiscal deficit. Thus, primary deficit is equal to fiscal deficit less interest payments. It indicates the real position of the government finances as it excludes the interest burden of the loans taken in the past. Table below indicate primary deficit as a Percentage of GDP. Primary deficit of the central governent of India was 16,108 crores in 1990-91, it reduced to 14,591 crores in 2005-06.
37. 5. Monetised Deficit Monetised Deficit is the sum of the net increase in holdings of treasury bills of the RBI and its contributions to the market borrowing of the government. It shows the increase in net RBI credit to the government. It creates equivalent increase in high powered money or reserve money in the economy.
38. Hence… All these budgetary deficit reveal fiscal imbalance. Fiscal imbalance & budget deficit result in harmful consequences like mounting inflation, deficit inbalance of payment, etc. It has also adversely affect the growth of the economy. The government must introduce fiscal correction policies to overcome the deficit budget and fiscal crisis.
39. 20111-2012 fiscal scenario GDP GROWTH TARGET 9%-025% FISCAL DEFICIT 4.6% OF GDP WHICH IS A POSITIVE FOR THE BOND MARKETS THE TARGET LOOKS AGGRESSIVE GIVEN THE ABSENCE OF NON TAX REVENUES (3G INCOME) THIS YEAR AND UNDERESTIMATED SUBSIDIES
40. TARGET TO REACH 4.1 % IN 2012-2013 AND 3.5 % IN 2013-14 WELCOMEED FISCAL DEFICIT * Fiscal deficit seen at 5.1 percent of GDP in 2010-11 * Fiscal deficit seen at 4.6 percent of GDP in 2011-12 * Fiscal deficit seen at 3.5 percent of GDP in 2013-14
41. AS PER THE NEWSPAPERS… Led by higher than expected non-tax revenue like auction of 3G spectrum, finance minister PranabMukherjee today pegged the fiscal deficit at 5.1 per cent for the current financial year, and further reduced the estimates to 4.6 per cent for 2011-12. Mukherjee said the revenues from 3G and Broadband Wireless Access (BWA) spectrum auction (that garnered Rs 1.08 lakhcrore) has helped government reduce the fiscal deficit for the current fiscal, from 5.5 per cent estimated earlier.
42. "Due to the higher than anticipated non-tax revenue from 3 G spectrum auction... I have brought down the fiscal deficit from 5.5 per cent to 5.1 per cent of the GDP for 2010-11," Mukherjee said in his 2011-12 Budget speech. "During the course of 2010-11, I had the opportunity to bring in improvement in fiscal balance", he said. "For the year 2011-12 I have kept it (fiscal deficit) at 4.6 per cent of GDP which improve upon my own target of 2011-12 indicated in the fiscal roadmap presented in the last budget," Mukherjee said.
43. The pre-budget Economic Survey Survey tabled in Parliament last week had pegged the fiscal deficit for the current fiscal at 4.8 per cent. India's fiscal deficit had ballooned to 6.3 per cent of the GDP in 2009-10 in view of stimulus spending worth billions of dollars to combat global financial meltdown. In the medium term fiscal policy, Mukherjee pegged the rolling target of fiscal deficit at 4.1 per cent for 2012-13, and 3.5 per cent for 2013-14. In his Budget speech, Mukherjee pegged the revenue deficit for the current fiscal and 2011-12 at 2.3 per cent and 1.8 per cent respectively. The government had in 2010 mobilised Rs 1.08 lakhcrore from auctioning of spectrum for 3G and broadband wireless access (BWA) services.
44. Besides, it also followed the path of consolidation during April-December of 2010-11, as it partially withdrew the sops given to the industry in 2008 and 2009. Stimulus package provided by the government at the time of financial meltdown helped India to grow by 6.8 per cent in 2008-09, and by 8 per cent in 2009-10.
55. INTRODUCTION WHAT IS INCOME TAX? An income tax is a tax levied on the income of individuals or businesses (corporations or other legal entities). Various income tax systems exist, with varying degrees of tax incidence. Income taxation can be progressive, proportional, or regressive. When the tax is levied on the income of companies, it is often called a corporate tax, corporate income tax, or profit tax. Individual income taxes often tax the total income of the individual (with some deductions permitted), while corporate income taxes often tax net income (the difference between gross receipts, expenses, and additional write-offs). Various systems define income differently, and often allow notional reductions of income (such as a reduction based on number of children supported).
56. now extended to * Standard rate of excise duty held at 10 percent; no change in CENVAT rates * Personal income tax exemption limit raised to Rs 180,000 from Rs 160,000 for individual tax payers *For senior citizens, the qualifying age reduced to 60 years and exemption limit raised to Rs 2.50 lakh. *Citizens over 80 years to have exemption limit of Rs 5 lakh. * To reduce surcharge on domestic companies to 5 percent from 7.5 percent. * A new revised income tax return form 'Sugam' to be introduced for small tax papers. * To raise minimum alternate tax to 18.5 percent from 18 percent * Direct tax proposals to cause 115 billion rupees in revenue loss * Service tax rate kept at 10 percent * Customs and excise proposals to result in net revenue gain of 73 billion rupees
57. * Iron ore export duty raised to 20 percent *Nominal one per cent central excise duty on 130 items entering the tax net. Basic food and fuel and precious stones, gold and silver jewellery will be exempted. *Peak rate of customs duty maintained at 10 per cent in view of the global economic situation. *Basic customs duty on agricultural machinery reduced to 4.5 per cent from 5 per cent. *Service tax widened to cover hotel accommodation above Rs 1,000 per day, A/C restaurants serving liquor, some category of hospitals, diagnostic tests. *Service tax on air travel increased by Rs 50 for domestic travel and Rs 250 for international travel in economy class. On higher classes, it will be ten per cent flat. * Electronic filing of TDS returns at source stabilised; simplified forms to be introduced for small taxpayers. * Works of art exempt from customs when imported for exhibition in state-run institutions; this private institutions.
61. Food Inflation Feb 2010 – 20.3% Week of June 11 – 9.13% General inflation – 9.06% Country may face a period of double digit inflation.
62. Private Investments Made FDI policy more user friendly Permission given to SEBI registered Mutual Funds to accept subscriptions from foreign investors who meet the KYC requirements. The FII limit for investment in corporate bonds increased from US$ 20 billion to US$ 25 billion.
75. Introduction Department of Scientific & Industrial Research (DSIR) is the nodal department for granting recognition to in-house R&D units in Industry, Scientific and Industrial Research Organizations (SIROs); and registration to Public funded research Institutions, universities, IIT?s, IISc, Regional Engineering College (RECs), other than hospitals. Secretary, DSIR is the prescribed authority vide Gazette notification No.S.O.85 (E) dated 31st January, 2001 issued by Department of Revenue, Ministry of Finance for granting approval to commercial R&D companies Under Section 80IB (8A) of I.T. Act, 1961; also approval to in-house R&D Centres under Section 35(2AB) of I.T Act 1961 for Weighted Tax Deduction.
76. Key Features of Union Budget 2010-2011 Relevant to Research and Development To further encourage R&D across all sectors of the economy, weighted deduction on expenditure incurred on approved in-house R&D units under section 35(2AB) of Income tax Act, enhanced from 150 per cent to 200 per cent. Weighted deduction on payments made to National Laboratories, Universities or IITs or a specified person, with a specific direction that the said sum shall be used for scientific research undertaken under an approved programme u/s 35(2AA) of Income tax Act, enhanced from 125 per cent to 175 per cent.
77. In-house R&D units recognized by DSIR in the area of pharmaceutical and bio-technology sector are eligible for duty free import of specified goods (comprising of analytical and specialty equipment as per list 28) for R&D as per notification No. 26/2003-customs dated 1st March, 2003 (item at Sl. No. 248(1); and duty free import of specified goods (comprising of analytical and specialty equipment as per list 28) for production as per notification No.26/2003-customs dated 1st March, 2003 (item at serial No.248(2); and duty free import of pharmaceutical reference standards as per notification No.26/2003-Customs dated 1st March, 2003 (item at serial No.138); and also the in-house R&D units engaged in the research and development in the area of chemical, drugs pharmaceuticals, (including clinical trials), bio-technology, electronic equipments, computers, telecommunication equipments, aircrafts and helicopters are eligible for weighted tax deduction of a sum of equal to one and one-half times of any expenditure incurred on scientific research (not being expenditure in the nature of cost of any land building) as approved by the prescribed authority i.e. Secretary, DSIR. In case of dispute, Secretary, DSIR is also prescribed authority in concurrence with Director General of Income-Tax (Exemption) for deciding cases of R&D expenditure made on Capital Equipment and related R&D activities under Section 35 of Income-Tax Act, 1961 referred by Central Board of Direct Taxes. rposes.
78. A few more incentives introduced by the Government to encourage R&D by industry include write off of revenue and capital expenditure on R&D, weighted tax deduction on sponsored research programmes of industry with National Laboratories/Universities /IITs; accelerated depreciation allowance on plant and machinery set up indigenous technology, custom duty exemption on goods imported for use in Government funded R&D projects, excise duty waiver for 3 years on goods produced based on indigenous technologies and duly patented in any two of the countries out of India, European Union(One Country), USA and Japan. Scientific & Industrial Research Organizations in the area of Medical Agriculture, Natural and Applied Sciences and Social Sciences recognized by DSIR are eligible for notification under Section 35 (1) (ii)(iii) of I.T Act 1961 and also for availing Custom and Excise duty exemption. Commercial R&D companies approved by DSIR before 1st April, 2004 are eligible for 10 years tax holidays. Public Funded R&D Institutions registered by DSIR are eligible for availing custom duty exemption on import of equipment, spares and accessories and consumables as per notification No.51/96-Customs dated July, 23, 1996 and also for availing Central Excise Duty Waiver on purchase of indigenously manufactured items as per notification No. 10/97- Central Excise dated March 1, 1997 for scientific research pu
79. Objectives The broad objectives are to: Bring in-house R&D into sharper focus; Strengthen R&D infrastructure in industry and SIROs; Promote R&D initiatives of the industry and SIROs ; Ensure that the contributions made by the in-house R&D centres and SIROs dovetail adequately in the overall context of technological & industrial development Fiscal Incentives Key Features of Union Budget 2010-2011 Relevant to Research and Development [12 MAR 10] Click Here for details of Fiscal Incentives PROCEDURE AND REVISED GUIDELINES FOR APPROVAL OF IN-HOUSE R&D CENTRES AND REPORTING OF EXPENDITURE UNDER SECTION 35(2AB) OF IT ACT 1961 PDF RTF [16 JUN 10] The revised guidelines contain specific guidelines for Seed Industries. Updated Text of section 35(2AB) of IT Act. The Eleventh Schedule of IT Act. Annexure-IV and V of the earlier guidelines (May, 2009) have been restructured and combined in the revised guidelines and is appearing as Annexure- IV to facilitate submissions for report in Form 3CL.
81. Budget 2011 doled out quite a few measures both tax and non-tax in order to boost investment in infrastructure sector. Key non-tax proposals include issuance of tax-free bonds to the tune of Rs 300 billion, extension of tax exemption by a year on tax-saving infrastructure bonds, proposal to introduce special infrastructure debt funds to attract foreign financing in infrastructure sector and hike in FII investment limit by an additional USD 20 billion for investment in infrastructure-related sectors.
82. On the direct tax side, extending tax holiday for power by a year was pretty much on expected lines. On the indirect taxes side there are material changes which may have far reaching impact for the infrastructure sector, such as significant revamp of CENVAT credit scheme necessitating a relook at prevailing tax positions; change in levy of service tax from receipt to accrual basis and introductionof prosecution provisions. On the future roadmap towards Goods & Services Tax ("GST") - Constitutional amendment bill to be introduced in the current Budget Session; work of drafting of model GST legislations underway; IT infrastructure to be soon put into place; though no specific date of implementation of GST announced.
83. Implementation of draft Direct Taxes Code ("DTC") along with sectoral reforms is likely to muster right ingredients for the infrastructure sector.