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Indian Financial budget for 2010-11
Indian Financial Budget 2009-10
Courtesy: India Budget

Union Minister Pranab Mukherjee on 26/02/2010 presented the Budget for the fiscal 2010-11 in the Parliament.

Relyon brings you the best and informative parts from the budget towards taxation. The due care has been taken while presenting the content over here.

Click here: Budget 2011 | Budget 2009 | Budject 2009(I) | Budget 2008 | Budget Speeches

You can find these resources useful:

For More details visit www.indiabudget.nic.in

Tax Difference Utility

Know the difference in Effective Income tax payable by an individual for 2009-10 and 2010-11 FY

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Major Tax related updates:

  1. Direct Tax Code implementation expected by April 2011
  2. Goods and Services Tax implmentation postponed to April 2011
  3. Saral-II (2 Page Income Tax Return) Form comes for simple I-T return filing of Salaried individuals.
  4. Tax rates - income limits extended drastically:
    1. In case of Male
      1. Up to 1.6 Lakhs => 0%
      2. Up to 5 Lakhs => 10%
      3. Up to 8 Lakhs => 20%
      4. Above 8 Lakhs => 30%
    2. In case of Female
      1. Up to 1.9 Lakhs => 0%
      2. Up to 5 Lakhs => 10%
      3. Up to 8 Lakhs => 20%
      4. Above 8 Lakhs => 30%
    3. In case of Senior Citizens
      1. Up to 2.4 Lakhs => 0%
      2. Up to 5 Lakhs => 10%
      3. Up to 8 Lakhs => 20%
      4. Above 8 Lakhs => 30%
  5. New section 80CCF: 20 Thousand deduction for investments in Infrastructural Bonds
  6. TDS late payment interest rate raised from 1 to 1.5% per month. (Section 201 Amendment)
  7. Companies => Surcharge rate reduced from 10 to 7.5%
  8. Minimum Alternate Tax rate changed from 15 to 18%
  9. Form 16/16A continues as earlier.
  10. No change in Service Tax rate. Additonal services added to increase the revenue.
  11. Treshold Limits for TDS extended as below:
    1. 194B (Lotteries) => 10,000 (earlier 5,000)
    2. 194BB (Horse Race) => 5,000 (earlier 2,500)
    3. 194C (Contracts) => 30,000 (earlier 20,000)
      • Multiple transactions together, it is 75,000 (earlier 50,000)
    4. 194D (Insurance Commission) => 20,000 (earlier 5,000)
    5. 194H (Commission/Brokerage) => 5,000 (earlier 2,500)
    6. 194I (Rent) => 1,80,000 (earlier 1,20,000)
    7. 194J (Technical/Professional Fee) => 30,000 (earlier 20,000)

Thats all the major coverage from the Union Budget presented by Minister of Finance in the parliment for the year 2010.

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