The budget is out. A quick look at what's in for all of us. Detailed coverage will follow in me next posts.
Brief Synopsis
- Unlike the last year, where the Finance Minister had announced high tax sops for individual tax payers, this year there are just minor tweaks on the income tax front.
- Males of all income group would be getting Tax Exemption of Maximum of Rs.2060 as per new tax slabs. No new tax exemption limits for women.
- The year was full of challenges for fiscal consolidation: FM
- Economy set for double-digit growth in coming years
- Agriculture growth at 5.4%, industry at 8.1% in 2010-11
- Exports up 9.4% in 2010-11
- Cold storage projects classified as infrastructure sector
- Infrastructure spending to be raised by 23%
- FII limit in corporate bonds raised to USD 40 billionTo allocate Rs 26,760 to health sector
- To simplify tax form for small businesses
- FIIs allowed to invest in MFs; unlisted bonds with minimum lock in period of 3 yrsTo set up 15 mega food parks
- To allocation Rs 210 bn to primary education, up 40%
- Age for being classified as senior citizen cut to 60 years from 65 years
- Surcharge on domestic companies cut to 5% from 7.5%
- Tax sops of Rs 20,000 on Infra Bonds extended for one year
- Service tax retained at 10%
New tax slabs for…
Male (Rs) | Female | Rate |
0 - 180000 | 0 - 190000 | 0 |
180001 - 500000 | 190001 - 500000 | 10 |
500001 - 800000 | 20 | |
800001 and above | 30 | |
Lets see how it impacts people in different income groups (Assuming that person invests full 1 lac under section 80C) 
What's Costlier and what's cheaper
What's Costlier and what's cheaper
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