Budget 2011 Highlights, new Budget 2011, Budget 2011 summary, Budget 2011 income tax


Budget 2011 Highlights, new Budget 2011, Budget 2011 summary, Budget 2011 income tax

Budget 2011 Highlights, new Budget 2011, Budget 2011 summary

Budget 2011 Highlights, new Budget 2011, Budget 2011 summary

New Budget 2011 is presented by finance minister Pranab Mukherjee in Parliament on Today on 28 February, Monday.  Budget 2011 Highlights are as given below :

BUDGET 2011 HIGHLIGHTS:

  • Total food inflation down from 20.2 % last year to 9.3 % in Jan as per Budget 2011
  • Economy expected to grow by 9% next year
  • Public Debt Management Agency Bill to be introduced next financial year
  • RBI to issue new guidelines for banking sector  in Budget 2011
  • Tax slab increased to Rs 1.8 lakh from Rs 1.6 lakh
  • Senior citizen concession extended to Rs 2.5 lakh
  • Senior citizens eligibility age reduced from 65 years to 60 year
  • Surcharge for companies cut to 5 per cent, from 7.5 percent
  • A new revised income tax return form ‘Sugam’ to be introduced for small tax papers
  • Service tax widened to cover hotel accommodation above Rs 1,000 per day
  • Service tax increased for 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.
  • Net revenue loss on account of taxes and duties will be Rs 200 crore
  • Service tax to result in a revenue gain of Rs 4,000 crore
  • Net revenue loss on account of direct taxes will be Rs 11,500 crore
  • Net revenue gain on account of indirect taxes will be Rs 11,300 crore
  • Net tax to Centre will be Rs 6,64,457 crore. Non-tax receipts pegged at Rs 1,25,435 crore
  • Direct Tax Code Bill likely to be passed by Parliament next financial year after getting Standing Committee report.
  • Current account deficit and average inflation in 2011-12 likely to be less than current year
  • Total plan expenditure will go up 100% in nominal terms in the next year
  • Revenue deficit fixed at 2.3 per cent in revised estimates of 2010-11 and 1.8% in Budget 2011
  • Investment-linked deductions for fertilisers and developers of affordable housing.
  • Central government debt in proportion to GDP will be 44.2% cent in Budget 2011
  • Gap between wholesale and retail prices not acceptable: FM
  • 15 more mega food parks to be set up in 2011-12; of 30 sanctioned in previous fiscal, 15 set up
  • Direct cash transfer of cash subsidy as regards kerosene, LPG and fertilisers from March 2012 in view of large diversion.
  • Rs 300 cr provided to promote pulses cultivation in rain-fed areas
  • Rs 300 cr to promote farm product cultivation
  • Credit flows to farmers raised from Rs 3.75 lakh crore to Rs 4.75 lakh crores in Budget 2011
  • Government proposes to promote organic farming methods to enable farmers get best from their land.
  • Existing interest subvention scheme on short term farm loans at 7 % interest to continue
  • Capital investment in fertiliser production to be considered as infrastructure sub-sector
  • Government plans to create a Women Self Help Group development fund with a corpus of Rs 500 crore
  • Allocation under Rashtriya Krishi Vikas Yojana to be raised to Rs 7860 crore in Budget 2011
  • Union Budget 2011 proposes 17% increase in social sector expenditure
  • Remuneration of anganwadi workers raised from Rs 1500 to Rs 3,000 per month.
  • Anganwadi helpers to get Rs 1,500 from Rs 750
  • Old age pension to persons of over the age of 80 raised from Rs 200 to Rs 500
  • Rs 6,000 cr to be given to public sector banks to maintain capital-to-risk assets ratio norms
  • Proposal to increase rural housing fund to Rs 3,000 crore.
  • Union Budget 2011 allocates Rs 58000 crore for social schemes
  • Rs 100 cr for Ladakh and Rs 150 cr for Jammu for implementation of projects identified by taskforce
  • Rs 9 lakh compensation for men of defence and Central paramilitary forces for permanent disability and discharged from service
  • Budget estimates for 2011-12 projects Rs 9,32,440 crore – an increase of 24 per cent
  • Raise housing loan limit from Rs 20 lakh to Rs 25 lakh from priority sector lending
  • Infrastructure spending to be raised by 23%
  • Rs 100 crore allocated for IIT Kharagpur
  • Tax free bonds of Rs 30,000 cr to be issued for infrastructure development.
  • Rs 50 cr grant to Aligarh Muslim University centres in Murshidabad in West Bengal and Malappuram in Kerala
  • Union Budget 2011 proposes 24% increase in education sector allocation

Budget 2011 Highlights, new Budget 2011, Budget 2011 summary, Budget 2011 income tax

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