final destination for the country
New Delhi, 28th Feb 2011:
Finally the much awaited Union budget
2011-2012 has been presented in the parliament. The session lasted for
complete 2 hours; starting from 11:00 AM and ending at 13:00 PM. In his
speech; honorable Finance Minister Pranab Mukherjee ensured of a more
transparent economy in coming days. He also stated that last year there was
tremendous growth in export up to 29.4%. He showed concern about the
increasing rate of price inflation for the essential commodities and
proposed some measures to curtail the problem.
The Finance Minister for a change emphasized more funding on higher
education. The proposition came for funding of Rs.200 crore to IIT
Kharagpur, Rs.20 crore to improvise the education structure in IIM Kolkata
and Rs.50 crore to Muslim universities in different states. With this the
nation is eying for a bright future of the youth.
the upcoming budget session has in store for the Tax payers?
New Delhi, 28th Feb 2011:
Finance Minister Pranab Mukherjee
presented the Union Budget 2011-2012 in the house at 11:00 AM. The Minister
announced a hike in Tax exemption limit from Rs 1.6 lakh to Rs 1.8 lakh and
also a simple form to be introduced to simplify tax payment. Whereas, the
service tax remains unchanged which is 10%. The Minister also proposed for
extending Rs. 20,000 exemption for investment in infra debt funds for next
The session announced the minimum alternate tax to 18.5% from existing rate
which is 18%raised of book profits. The custom duties on micro irrigation
equipments will be reduced. The basic commodities like food, fuel will be
exempted from central excise duty. However the base rate on excise duty
raised to 5%.
of Common Mass on Upcoming Union Budget 2011-2012
New Delhi, Feb 28th 2011:
The Indian Union Budget 2011-2012
will be on 28th February 2011 chairing by Finance Minister of the country.
This upcoming budget seems to b e very crucial for the traders as the annual
expenditure and costing of the business depends on the budget session. For
the common mass; it will decide the pricing of the commodities. The most
challenging for the Union Budget 2011-2012
will be to undertake
equal economic growth, improving GDP growth and working on the weaker
section of various government strategies.
The Union Budget 2011-2012 will also consider tax reforms, Import
export amendments, banking, financial development, fertilizer, oil and gas
related announcements. Common mass expects to bring relief from high fuel
price. This fiscal year; the common mass expects higher tax exemption which
will minimize suppression of unaccounted money.