Union Budget 2009-10: Pranab Increases IT Exemption Limit

In an effort to provide interim relief to small and marginal taxpayers and senior citizens, the Finance Minister of India, Pranab Mukherjee presented the Union Budget 2009-10 today. This years budget witnessed a gradual hike in the income tax exemption limit.
The income tax exemption limit for senior citizens of the country was raised by Rs.15,000, thus revising the amount from Rs.2,25,000 to Rs.2,40,000. Similarly, the budget has also raised the income tax exemption limit by Rs.10,000 for women tax payers thus mounting the amount from Rs.1,80,000 to Rs.1,90,000. A hike of Rs.10,000 was also observed for other individual tax payers, mounting the amount from Rs.1,50,000 to Rs.1,60,000.
The Finance Minister wiped off the surcharge on income above Rs.10,00,0000 for personal income tax payers. Mukherjee, took a step forward in favor of the corporates as he abolished the Fringe Benefit Tax and Commodity Transaction Tax. However, the Minimum Allocation Tax on book profits has been increased from 10% to 15%. The Finance Minister also increased the deduction for maintenance of medical treatment of dependence from Rs.75,000 to Rs.1,00,000, thus bringing relief for the tax payers.
The Finance Minister also brought lawyers under the ambit of service tax in the Union Budget 2009-10. “I propose to bring certain legal services under the ambit of service tax,” Mukherjee said. New Pension “System Trust has been exempted from security transaction tax and dividend distribution tax,”, said the Financial Minister of India, Pranab Mukherjee.
While presenting the Union Budget, Mukherjee said that the Government will come up with a simplified salary structure. The income tax department has been asked to come up with a simplified version of the tax filing form Saral, called Saral 2.

Union Budget 2009: A People Oriented Budget?

The Union Budget 2009-10 presented by the Finance Minister of India, Pranab Mukherjee, proved to be a ‘populist’ one. The Finance Minister promised to halve the poverty by 2014 as he laid focus on employment, infrastructure and agriculture.
The Finance Minister declared new incentives for farmers, 45 percent jump in funds for Bharat Nirman, India’s flagship rural reconstruction development program, development of the urban areas and revival of the divestment program. He also announced that the National Food Security Act will come into effect soon thus providing the poor with 25 kg of rice per month at Rs. 3 per kg. The Finance Minister also announced that a new insurance plan will be enacted for those living below poverty line.
The income tax exemption limit was hiked by Rs15,000 for the senior citizens whereas for the women, the exemption limit was hiked by Rs.10,000. The Finance Minister also promised to abolish the Fringe Benefit Tax or FBT thus bringing a sigh of relief for the corporates.
Pranab Mukherjee, while praising the Late. Prime Minister of India, Indira Gandhi declared that the UPA government is likely to push an agenda which will ensure 12 million new jobs each year thus reducing the poverty by 2014. “The first challenge is to bring back the GDP (gross domestic product) growth rate to 9 percent per year,” quips Mukherjee as he presented the Union Budget in the Parliament.
The Financial Minister also stated that the farm loan waiver are to be increased by six months. As per this years budget Rs.3937 crore will be allotted for the development of the urban areas. National Mission for Female Literacy is to be launched.
“Aam admi is the main concern for our programs and schemes,” wounds up Mukherjee.

Budget anti-poor and serves Congress’ interests: Raman Singh

RAIPUR/NEW DELHI - Chhattisgarh Chief Minister Raman Singh Monday termed the union budget as “anti-poor” and aimed to serve the Congress party’s “political interests”.

India’s budget places common man above fiscal responsibility (Commentary)

Finance Minister Pranab Mukherjee has pleased the “aam aadmi” (common man) but made the “khaas aadmi” (the elite) unhappy in his 2009-10 budget proposals. Constrained by the global recession and domestic economic strains, he has provided a much awaited further stimulus to the economy by raising plan expenditure by as much as 25 per cent in real terms.

Youngistan welcomes ‘aam aadmi’ focus of Indian budget

NEW DELHI/BANGALORE - Students and young professionals Monday hailed Finance Minister Pranab Mukherjee’s ‘aam admi’ focus of the union budget with many rejoicing over tax sops and interest subsidy in education loans.

Congress says budget progressive, opposition calls it ‘routine’

NEW DELHI - The ruling Congress said Monday the budget presented by Finance Minister Pranab Mukherjee was progressive, but the opposition parties termed it as “routine and inconsequential.

Indian Union Budget 2009-10: Roundup

NEW DELHI - Promising to reinstate India’s high economic growth, Finance Minister Pranab Mukherjee on Monday presented a $204-billion annual budget with more funds for welfare schemes and infrastructure, along with a declared “vision” to reach the fruits of progress to each of the country’s 1.17 billion people.

Budget is positive, realistic, say industrialists

NEW DELHI - The union budget for 2009-10 presented by Finance Minister Pranab Mukherjee Monday is “positive” and “realistic” and both the business community and the common man would benefit from the budgetary proposals, leading industrialists in the country said.

Government to set up another panel on oil pricing

NEW DELHI - The government will set up another expert group on oil pricing, barely a year after the B.K. Chaturvedi committee had submitted its report that linked domestic prices of petroleum products to international rates.

Sensex slips 870 points as budget disappoints (Roundup)

MUMBAI - In its worst performance in recent weeks, a key index of the Indian equities markets ended trade Monday nearly 870 points down from its last closing figure, as investors blamed lack of policy announcements and increase in minimum alternate tax on corporates for the negative reaction.

Budget a fair effort to achieve 9 percent growth: Moody’s

NEW DELHI - The union budget may not be a “please all” budget, but it is a fair effort by the government to achieve 9 percent growth while coping with the challenge of 6.8 percent fiscal deficit, says the research arm of Moody’s.

Bangaloreans cheer hike in income tax exemption

BANGALORE - Salaried residents of Bangalore have welcomed the proposed increase in income tax exemption limits for women and others by Rs.10,000 and scrapping of the fringe benefit tax (FBT).

Higher education gets boost, IITs, NITs bag Rs.21 billion

NEW DELHI - Continuing its thrust on higher education, the union budget 2009-10 Monday proposed to allocate over Rs.21 billion for the Indian Institutes of Technology (IITs) and the National Institutes of Technology (NITs).

High GDP growth, inclusive development to be key challenges: Finance Minister

NEW DELHI - Presenting the General Budget 2009-10 in Lok Sabha today, Finance Minister Pranab Mukherjee said that the Government has clearly recognized and identified the challenges to boost Indian economy specially at a time when the world is still struggling with an unprecedented financial crisis and an economic slowdown.

Unique identity number to be rolled out in 12 to 18 months

NEW DELHI - Finance Minister Pranab Mukherjee on Monday said that the Unique Identification Authority of India (UIDAI) will establish an online database with identity and biometric details of Indian residence and provide enrolment and verification services across the country.

India’s defence budget stays at Rs.141,703 crore (Second Lead)

NEW DELHI - India’s defence expenditure during 2009-10 remains unchanged from Rs.141,703 crore ($28 billion) allocated in the interim budget earlier this year - which was a hike of 34 percent over the previous year.

Sensex down 770 points as budget disappoints (Second Lead)

MUMBAI - Investors in Indian equity markets were disappointed with the 2009-10 budget, resulting in a key index plummeting by more than 700 points even as Finance Minister Pranab Mukherjee was presenting the document.

Finance Minister outlines focus areas for 2009-10

NEW DELHI - In presenting the budget for 2009-10, Finance Minister Pranab Mukherjee on Monday outlined some focus areas.ukherjee pointed out that the policies in a medium term perspective would have to pay attention to the following:

Budget a difficult balancing act: Rangarajan

NEW DELHI - Former Reserve Bank of India (RBI) governor C. Rangarajan said Finance Minister Pranab Mukherjee’s union budget presented in parliament Monday was a difficult balancing act.

Highlights of union budget for 2009-10 (Fourth Lead)

NEW DELHI - Highlights of the union budget for the current fiscal presented by Finance Minister Pranab Mukherjee in the Lok Sabha Monday:

Pranab peppers speech with Gandhi, Kautilya quotes

NEW DELHI - In preparing some of his fiscal proposals, Finance Minister Pranab Mukherjee found inspiration in Mahatma Gandhi and Kautilya, both of whom he quoted in his budget speech Monday.

Budget Fails to Whip markets, Sensex Plunges by 700

MUMBAI - Even as Finance Minister Pranab Mukherjee was presenting his budget for 2009-10, a key index of the Indian equities markets dived by 700 points from its last closing figure at 2 PM.

Union Budget 2009-10

Every Indian is eagerly awaiting the biggest Budget ever, amidst the slowing down economy. Finance Minister Pranab Mukherjee would present Union budget for this fiscal from 11 this morning. What remains to be seen is how the Union Ministry strikes a balance between allocation of resources to funds for welfare scheme and minimizing the overload on business and aam admi(average citizen).

Highlights of Union Budget for 2009-10

NEW DELHI - Highlights of the union budget for the current fiscal presented by Finance Minister Pranab Mukherjee in the Lok Sabha Monday: