Budget Highlights-2010

Budget Highlights 2010 GST to be implemented from 2011 Hope to implement Direct Tax Code from April 2011 Online news agencies to attract service tax Service Tax rates unchanged Account auditing for all income above Rs 15 lacs More services to be brought under tax net Rationalization of customs duty on gaming software Toys exempted from excise duty, to become cheaper Jewellery to be more expensive Monorail granted project import status CDs to be cheaper Excise duty on CFL halved to 4% Customs duty on Gold and Platinum hiked Refrigerators to be costlier Televisions to be costlier Mobile phones to become cheaper Peak customs duty unchanged at 10% Cement to be costlier Air conditioners to be costlier Excise on all non smoking tobacco raised 7.5% duty on petrol and diesel restored 5% duty on crude petroleum restored Excise duty on petrol and diesel raised to Rs 1/liter Cigarettes to be costlier Excise on large cars, SUVs, MUV raised to 22% Partial rollback in Excise Duty from 10% to 8% Presumptive tax limit raised to Rs 60 lacs Investment linked deduction benefit for 2 Star hotels Deduction of Rs 20000 on investment in infra bonds Weighted deduction on R&D raised to 200% from 150% No tax on Income up to Rs 1.6 lacs Current surcharge on companies reduced to 7.5% Minimum Alternate tax hiked to 18% 30% tax on income above Rs 8 lacs 20% tax on income between Rs 5 lacs to 8 lacs 10% tax on income between Rs 1.6 lacs to 5 lacs IT dept to notify Saral 2 form for individual tax payers Home loans up to Rs 20 lacs to get interest subvention of 1% up to March 11 Interest  subvention for housing loans up to 1 lacs 2% loan subsidy to farmers Farm loan payments to be extended for six months Interest subvention of 2% to be extended for handicrafts and SMEs interest subvention for exports to extended for one year RBI may give banking licenses to Pvt cos and NBFCs FDI policy to be made more user-friendly