The indian Tax budget is out for 2010

Key Features of Budget 2010-11

GENERAL:

• Economic crisis: “We have withered the global slowdown well,” says FM.
• 18.9% growth rate in manufacturing sector in 2009.
• Fiscal deficit pegged at 5.5%
• Hope to breach 10% mark in GDP in near future, says FM.
• Growth to exceed 7.2% in this fiscal, says FM.
• General Sales Tax and Direct Tax Code can be introduced in April 2011
• Gradual phasing out of stimulus, says FM.
• Govt to set up apex level Financial Stability and Development Council
• RBI to release additional licenses to pvt sector banks and non-banking financial institutions
• Repayment tenure for farmer loans extended by 6 months to June 30th 2011
• Delhi-Mumbai industrial corridor taken up for development
• Govt to raise Rs 25000 cr through Disinvestment
• Technology advisory group to be set up under Nandan Nilekani. UID authority given Rs 1900 cr
• Allocation to Defence over Rs 147,000 crore

PRANAB MUKERJEE ( INDIAN FINANCE MINISTERS BUDGET 2010 )

DIRECT TAX:

• Direct tax code will be implemented from April 1, 2011
• I-T dept to notify simple two-page Saral 2 form for individuals for current year
• Direct Tax proposals to give loss of Rs 26,000 cr; Indirect Tax to yield gain of Rs 45,000 cr

• No change in Corporate Tax
• Minimum Alternate Tax up from 15% to 18% on book profits
• Reduced Surcharge of 10% on domestic companies to 7.5%
• Professionals with Rs 15 lakh income need accounts audit

Personal Taxation:

• Income up to Rs 1.60 lakh: NIL tax
• Income between Rs 1.60-5 lakh: Tax at 10%
• Income between 5-8 lakh: Tax at 20%
• Income above Rs 8 lakh: Tax at 30%
• Minimum Tax Exemption limit for Senior Citizens and Women remains unchanged; i.e. Rs. 2,40,000 and Rs. 1,90,000 respectively.
• Additional Rs 20,000 deduction made available for investment in Infrastructure Bonds. This is above Rs. 1,00,000 80C exemption

INDIRECT TAX:

• Service Tax rates unchanged at 10%, to bring more services under service tax
• Duties on smoking and non-smoking tobacco products up
• Peak excise duty hiked from 8% to 10%
• Peak customs duty remains unchanged at 10%
• Rs 1 per litre excise on petrol, diesel
• Full excise cut on electric cars
• Partial rollback of excise duty on cement
• Agricultural seeds exempt from Service Tax
• News agencies exempt from Service Tax
• Service tax to GDP ratio is 1%
• Customs duty on gold, platinum imports raised to Rs 300 from Rs 200
• Import duty on silver raised to Rs 1500 per kg

EUROPEAN MARKETS… London’s FTSE 100 fell 32.11 to 5,302.99, the Paris CAC-40 dropped 41.38 to 3,820.78, Frankfurt’s DAX fell 51.65 to 5,695.32, Zurich dropped 84.99 to 6,493.96, Madrid fell 7.05 to 1,185.30, and Oslo dropped 5.84 to 405.64. The FTS Eurofirst 300 index of leading European shares closed down 1.1pc at 1,024.95 points.

US DOLLAR… is changing hands at 90.29 yen (pre 89.86), against the euro it is US$1.4161 (1.4137) against sterling US$1.6108 (1.6112) and against the Swiss franc US96.17c (95.99).

 

23/01/2010 5:05:49 AM

* Stock fall worldwide on Obama plan to curb risk-taking

* Dollar falls vs yen, euro as Obama hurts risk appetite

* Oil slips to below $75 a barrel as commodities hit

* U.S. bonds fall on supply concerns, profit-taking (Updates with U.S. markets, changes byline; dateline previously LONDON)

Indonesia Stock Market IDX

Home Loans Guru

Australian Stock Blog

Penny Stocks Australia

India shares Investment

Gold Investment Stocks

The Asian markets closed lower with Hong Kong down 0.65pc, China 1.24pc, Taiwan 2.47pc, Australia 1.59pc, Singapore 1.10pc, South Korea 2.42pc and India 1.12pc.
WALL STREET…

The largest gains in positive sentiment came from households with lower incomes and lower wealth in terms of home values and stock portfolios.
Commodities were hammered, especially February gold, down $13.50 to $1089.70 oz while oil tumbled $1.54 to $74.54 barrel for March crude, traded on the New York Mercantile Exchange.

The Dow Jones Industrial Average settled 216.90 lower at 10,172.98 and the S&P 500 index ended 24.72 points lower at 1091.76. The Nasdaq Composite index fell 60.41 points to 2205.29 and the Nasdaq 100 index finished 55.75 behind at 1794.82. In Treasuries, the 10-year note fell 4/32 to 98 7/32 while the yield rose 1.5 points to 3.59pc. The 30-year bond yield rose 1 points to 4.50pc and the two-year note yield fell 2 points to 0.803pc.

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AUSTRALIAN DOLLAR… is changing hands at US90.37c compared with US90.29c on yesterday’s close. Offshore the Aussie posted a high of US90.92c and low of US90.08c. Against the yen it is at 81.60 (81.44) at 63.82 euro cents (63.94) and 56.10 British pence (55.63).

AUSTRALIAN MARKET… will likely lose ground after Wall St’s stumble. The March futures contract is showing an 87 point decline to 4619. On Friday the ASX 200 index ended 76.6 points behind at 4750.6 and for the week retreated 149 points, while the All Ordinaries index dropped 77.7 points to 4771.9 and lost 157.6 points over the five trading days.

Today the Australian Bureau of Statistics will publish December quarter producer prices. Tomorrow is the Australia Day holiday and when the market resumes on Wednesday the key December quarter CPI will be published. Macquarie Infrastructure is trading ex a bonus issue today while Ozgrowth and Westoz are ex dividend. Profit reporting season will start on Wednesday with Coal & Allied and GUD Holdings slated to release results.

METALS… spot gold is currently $1091.65 oz. The COMEX gold Feb contract fell $13.50 to $1089.70 oz, the Apr contract fell $13.40 to $1090.80 oz. Jan silver was down 57.8c to $16.918 oz. Jan platinum fell $56.40 to $1552.90 oz. and Jan copper fell 5.35c to 333.85c lb in New York.

OIL… March crude contract was down $1.54 to $74.54 a barrel with a high of $76.50 and a low of $76.50. The April contract finished down $1.61 to $74.94, with a high of $76.95 and low of $74.96. Brent ICE for March dropped $1.75 to $72.83, with a high of $75.15 and a low of $72.78.