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India New Union Budget 2016 - 2017

India New Union Budget 2015 - 2016

India Interim Budget 2014 - 2015

The Union Budget of India, also called the General Budget, is the budget of the Republic of India, presented each year on the last working day of February. In the year 2010, New Indian Budget was presented by the Finance Minister of India in Parliament on 26th February, 2010. Budget is most economic event in the country which outlines all the economic planning of the Government of India for the next year. It is not only important for corporate but for individuals from all sections of the society.

History of Indian Budget

The first Indian Budget was presented by the India's first Finance Minister Sir R.K. Shanmugham Chetty on November 26, 1947. Since then, 28 Union Finance Ministers have been presenting the 
Indian Budget every year. Initially, much attention was given to the agricultural sector but as later on, the focus shifted to the other sectors including the industrial, financial and other sectors.

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Highlights of Indian Budget 2012 - 2013

India new Budget 2010  -  2011 has been presented in the "Lok Sabha" on  26th February, 2010 by Union Finance Minister, Mr. Pranab Mukherjee.
  • Net revenue from tax proposals Rs 20,500 Cr.
  • Net gains from indirect taxes Rs 46,500 Cr.
  • Account auditing for all income above Rs 15 lacs.
  • More services to be brought under tax net.
  • Section 80c investment limit hiked by Rs. 20,000.
  • Rationalisation of customs duty on gaming software.
  • Toys exempted from excise duty, to become cheaper.
  • Online news agencies to attract service tax.
  • Service Tax rates unchanged.
  • Customs duty on Gold and Platinum hiked.
  • Excise duty on solar panels waived.
  • Excise duty on CFL halved to 4%.
  • Jewellery to be more expensive.
  • Monorail granted project import status.
  • CDs to be cheaper.
  • Mobile phones to become cheaper.
  • Refrigerators to be costlier.
  • Televisions to be costlier.
  • Air conditioners to be costlier.
  • Peak customs duty unchanged at 10%.
  • Cement to be costlier.
  • Excise duty on petrol and diesel raised to Rs 1/litre.
  • 5% duty on crude petroleum restored.
  • Fuel prices likely to go up.
  • Excise on all non smoking tobacco raised.
  • 7.5% duty on petrol and diesel restored.
  • Excise on large cars,SUVs, MUV raised to 22%.
  • Partial rollback in Excise Duty from 10% to 8%.
  • Cigarettes to be costlier.
  • 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%.
  • Deduction of Rs 20000 on investment in infra bonds.
  • No tax on Income up to Rs 1.6 lacs.
  • Current surcharge on companies reduced to 7.5%.
  • No tax on Income up to Rs 1.6 lacs.
  • Minimum Alternate tax hiked to 18%
  • 30% tax on income above Rs 8 lacs.
  • 20% tax on income between Rs5 lacs to 8 lacs.
  • 10% tax on income between Rs1.6 lacs to 5 lacs.
  • IT dept to notify Saral 2 form for individual tax payers.
  • FY11 net market borrowings pegged at Rs 3.45 lac Cr.
  • IT exemption limit enhanced, surcharge withdrawn.
  • FY10 budget deficit seen at 6.9% of GDP.
  • 20 Kms of highway to be constructed everyday.
  • FY12 fiscal deficit target at 4.8%.
  • FY13 fiscal deficit target at 4.1%.
  • Fiscal deficit target of 5.5% in FY11.
  • More than 50% increase in funds for minority welfare.
  • 15% rise in planned expenditure.
  • Govt to set up National Mission for delivery of justice.
  • Defence capex raised to Rs 60000 Cr.
  • Gross tax receipts of Rs 7.46 Lac Cr.
  • Allocation fund to defence raised to Rs 1.47 lac Cr.
  • Skill development programme for textile sector.
  • Home loans up to Rs 20 lacs to get intrest subvention of 1% up to March 11.
  • Government to contribute Rs 1000 per month for pension security.
  • Rs 5400 Cr. allocated for urban development.
  • Rs 66100 Cr. allocated for rural development.
  • Rs 2400 Cr. for MSMEs.
  • Pvt. sector to meet food grain storage deficit.
  • Rs 100 Cr. woman farmer fund scheme.
  • Rs 1,900 Cr. allocated for UID project.
  • Social Security Fund to have corpus of over Rs 1000 Cr.
  • National Social Security fund for unorganised workers.
  • Intrest subvention for housing loans up to 1 lacs.
  • Rs 10,000 Cr. allocated for Indira Awaas Yojna
  • Allocation Package of Rs 1200 Cr. assistance for drought in Bundelkhand.
  • Funds to Rs 48,000 Cr. for Bharat Nirman.
  • NREGA scheme allocation raised to Rs 41000 Cr.
  • Budget Allocation to health Rs 22,300 Cr.
  • Spend to funds on 'Social Sector' of Rs 1.38 lakh Cr.
  • Allocation fund to school education from Rs.26,800 Cr. to Rs.31,036 Cr.
  • Allocation fund to power sector of Rs 5130 Cr.
  • Allocation fund Rs. 200 Cr. for Tamilnadu textile sector.
  • Established clean energy fund.
  • 25% of plan allocation for rural infrastructure.
  • Allotment for renewable energy hiked by 61%.
  • Setup Coal regulatory authority.
  • Road development hiked to Rs 19894 Cr.
  • Rs 1.73 lakh Cr. which is 46% of total plan outlay,
  • reserved for infrastructure development.
  • 2% loan subsidy to farmers.
  • Farm credit targets increased to Rs 3.75 lakh Cr.
  • Payment of Farm loan extended for six months.
  • Interest subvention of 2% extended for handicrafts and SMEs.
  • Allocation of Rs 3000 Cr. for agricultural impetus.
  • Rs 165,000 Cr. additional for bank re-capitalisation.
  • Interest subvention for exports, extended for one year.
  • Chances of banking licenses to Pvt cos and NBFCs from RBI.
  • Foreign direct Investment (FDI)  policy to made more user friendly
  • Reduce to 'Fertilizer Subsidy'.
  • Target of divestment Rs 25,000 Cr.
  • GST will implement from 2011
  • Plan to implement 'Direct Tax Code' from April 2011

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