2010 Budget Update: As per budget presented on 26th Feb, 2010, Pranav Mukherjee proposed changes for income tax rate slabs as per below. Also apart from current one lakh investment, additional 20,000 Rs will be non-taxable, if same has been invested in long term infrastructure bonds.
Excise duty on petrol, diesel increase by Re 1/litre, this will increase petrol and diesel price.
Market has responded positively, Sensex up 300 173 pts today.
Income Tax Rates for financial year 2010-2011
| For Men | |
| Upto Rs. 1,60,000/- | Nil |
| Rs. 1,60,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For Women | |
| Upto Rs. 1,90,000/- | Nil |
| Rs. 1,90,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For resident individual of 65 years or above | |
| Upto Rs. 2,40,000/- | Nil |
| Rs. 2,40,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
From PankajBatra.com, post 2010 Budget update
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Nice info
awesome budget..
Inflationary Budget, “Mango Man” will love the salary slip, but will not like the expenditure slip !! Earn more (upto 3 to 5 K p.m) and spend more on almost every thing you buy, commute with etc.
Useful Information. The budget is good in general, but it has very comfortably ignored the burning problem of the hour, inflation and more importantly so, food based inflation which is killing the other half of the India thats never shined.
Infact there have been steps that would fuel the inflation furthermore!
Budget proposals lack concern for the common man : Daya Sagar
( Social activists and senior scribe on J&K Affairs)
The Union Budget proposals of Pranab Mukherji are totally silent about any plans being there for increasing the Money Use Efficiency { check on corruption and mismanagement } of the government spending on the welfare programmes / projects and the government infrastructure. This could be the only tool, if used, to increase the funds practically available in had with any government . The new taxes / duties can simply do no good.
The budget aims at raising money . The duties on the crude imports have been increased. A large part of the petrol / diesel price paid already comprises of the duties / taxes . The innocent illiterate rural farmers does not know that what he gets in the form of subsidies / support prices is much less than he has to pay for buring other services / materials for survival of his family. Prices of Coal, Cement, Electricity and fuel will go up. People will have to pay more for materials, rents, travel, education , food , health care, ornaments , television, vehicle, justice , etc etc what ever a commoner would directly buy from the market. And what ever one gets through the welfare programmes of the Government too already costs more. The education, health cover, social justice and the basic monetary supports to the poor / farmers / rural / backward people are already at the lowest level as regards the money use / resource use efficiency. The income tax slabs have been readjusted on the upward side. This has been done since the Government “Babu” has moved in very high salary brackets and his influence is easily seen in it. The Exemption limit of 1.6 Lakh has not been increased ? Most of the private sector employees fall in lower salary range.
The Finance Minister has totally ignored the need for immediate surgery on the low level of efficiency of the government machinery. The much low output and performance of the much publicized Rajiv Gandhi Gramin Viduat Yojna could be a very appropriate example.
The common man is not interested in the terms like fiscal deficit, budget deficit, GDP growth, inflation , economic growth rate etc. Only thing common man knows is that he can not even bear the cost of documentation for making application in court, common man can not get health and education cover worth healthy survival from government institutions. Villagers are drinking water from ponds but bureaucrats and mantries need bottled mineral water { costing upto Rs.20 a liter } while in their offices even when we have full fledged Public Health Engineering Departments spending crores INR on the handling and treatment of water for drinking. Smt Indira Gandhi always patronized cheap Indian car for her use but today the politicians and the government departments are buying most luxurious vehicles where as most of the government departments could easily manage with cars like Maruti 800 . The foreign debts are growing .
Gujarat and Bihar are the states where the welfare programmes have earned some confidence of the common man in recent times , but it is there more due to higher level of money use efficiency { some check on corruption}. Finance Minister still has time for making corrections.
Useful Information. The budget is good in general, but it has very comfortably ignored the burning problem of the hour, inflation and more importantly so, food based inflation which is killing the other half of the India thats never shined.
Infact there have been steps that would fuel the inflation furthermore!
well i was looking for so long to read such an article.I totally agree with the points shared here.