[Budget] Rajendra Zawar: Budget 2010-11 [1 Attachment]

[Attachment(s) from Ashwin Nagar included below]

Dear Sir,

"Have a Great Day"

Please find the attachment of Budget Highlights 2010-11

I look forward to your valuable feedback/suggestion. Important Direct Tax Proposals in detail will be communicated to you shortly.

Thanks.

--
Zawar Associates.
Chartered Accountants,
8/129 Mhada Complex,
Opp, Vishal Mega Mart,
St. Road. Aurangabad.
Ph No-2350305

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Attachment(s) from Ashwin Nagar

1 of 1 File(s)

Budget

[Budget] Kedia & Kedia: Compilation on Budget 2010 [2 Attachments]

[Attachment(s) from Ashwin Nagar included below]

Dear sirs,

Please find attached herewith following documents

(1) Important Direct Tax Proposals – Finance Bill 2010

(2) Key Features – Budget 2010

Thanks & warm regards

KEDIA & KEDIA ASSOCIATES

CHARTERED ACCOUNTANTS

205, Kaling, Nr Mt Carmel School ,

Ashram Road, Ahmedabad - 380009

Tel: 079-26589941, 26579971

Email: kediaca@vsnl.net; kediaca@vsnl.net

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Attachment(s) from Ashwin Nagar

2 of 2 File(s)

Direct

Key

[Budget] Pradeep G. Tulsian: Budget 2010 [1 Attachment]

[Attachment(s) from Ashwin Nagar included below]

Dear Sir,

Please find the Budget Analysis.

Thanks and regards


P. G Tulsian & Company
Tulsian Sanjay & Company
Chartered Accountants
A-611, Fairdeal House
Near Swastik Char Rasta
Navrangpura, Ahmedabad
Gujarat - 380009
INDIA
Phone/Fax 079-40073889

Mobile No.:

Pradeep G Tulsian : 09327444524
Sanjay G Tulsian : 09374004700

e-mail: pgtulsian_ca@rediffmail.com

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Attachment(s) from Ashwin Nagar

1 of 1 File(s)

Budget_Analysis__2010-2011_.pdf

[Budget] Rajesh Dudhara: Major highlights of the Union Budget 10-11 [2 Attachments]

[Attachment(s) from Ashwin Nagar included below]

Rajesh Dudhara

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Attachment(s) from Ashwin Nagar

2 of 2 File(s)

bh1.pdf

Tax

.

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[Budget] Chhajed and Doshi: Budget highlights for the year F.Y 2010-11 [2 Attachments]

[Attachment(s) from Ashwin Nagar included below]

Hello Sirs,

Encl. pl. find the attachment of Budget Highlights for the year 2010-11.

With regards

Chhajed and Doshi

Chartered Accountants

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Attachment(s) from Ashwin Nagar

2 of 2 File(s)

SERVICE

budget

[Budget] Pragnesh Dharia: Union Budget 2010 and analysis of important proposals, Economic Survey and Recent Amendments [2 Attachments]

[Attachment(s) from Ashwin Nagar included below]

Dear Sir,

The Finance Minister of India has presented Union Budget for the Fiscal year 2010-11 in the Parliament on 26^th February, 2010.

Consecutively for last 18 years, our firm is preparing commentary on the Union Budget of India. In continuation of this tradition, we have pleasure in presenting soft copy of our compilation on various proposals with its analysis.

We hope this detailed analysis shall be helpful to you.

We welcome your valuable feedback and suggestions to help our constant endeavour for improvement.

Thanking you,

Best Regards.

Pragnesh Dharia

Mukesh M. Shah & Co.

Chartered Accountants

Main :+9179 - 2658 0549

+9179 - 2658 5814

Fax : +9179 - 2658 1236

Mobile : +91 - 98240 17141

Email : pragneshdharia@gmail.com

Address : 1st Floor, H. K. House,

Ashram Road,

Ahmedabad - 380 009.

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Attachment(s) from Ashwin Nagar

2 of 2 File(s)

Union

Budget

.

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Budget Analysis 2010

An Analysis on Budget 2010 - see attachment

--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
          +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
          vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

Anand Wadadekar: Union Budget 2010-2011 Synopsis

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

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

Budget Highlight: Paresh Parekh

Indirect Taxes:

 

1.      Accredited news agencies exempt from service tax

2.      Service sector tax retained at 10 percent to aid the introduction of GST; more services to be taxed

3.      Toys fully exempt from central excise duty

4.      Concessional customs duty of 5 percent for cable TV operators for importing equipment

5.      Concessional duty of 4 percent for solar power rickshaw developed by Council of Scientific and Industrial Research

6.      Clean energy cess of Rs.50 per tonne on coal produced in India

7.      More services come under tax net

8.      Service tax rates to be retained

9.      Silver, gold import duty raised

10.  Concession for medical equipments for hospitals retained

11.  Excise duty cut on CFL

12.  Customs duty on crude oil back to 5%

13.  Excise duty on tobacco products hiked

14.  Partial rollback of excise duty on cement and cement products

15.  Excise duty on petrol, Diesel up by Re 1

16.  Excise duty on SUVs, MUVs hiked

17.  Excise duty on oil products hiked

18.  Sops for real estate housing projects to be extended

19.  To enhance tax audit limit for small businesses to Rs 60 lakh

20.  To partially rollback central excise duty

 

Direct Taxes:

 

1.      Tax Audit Limits has been increased from 40 lakh to 60 lakh & for professionals 10 Lakh to 15 lakh

2.      Surcharge on domestic companies cut to 7.5%

3.      MAT increased from 15 % to 18 %

4.      Pranab announces new tax structure

5.      No tax on income up to Rs 1.6 lakh

6.      Rs 1.6 lakh - Rs 5 lakh slab taxed at 10%

7.      Rs 5 lakh to Rs 8 lakh slab taxed at 20%

8.      Tax on income above Rs 8 lakh at 30%

9.      Saral - II for individual taxpayers in two pages

10.  Advanced tax receipts expected at Rs 7.46 lakh cr

11.  Interest on late payment of Tax has been increased.

12.  Total expenditure is within target

 Regards,

CA. Paresh Parekh

ACA, DISA, B.COM

IndianCAs: Budget Highlights [4 Attachments]

 

[Attachment(s) from Ashwin Nagar included below]

Hello Member,

 

Please find attached herewith Budget HighLight for Direct taxes, Indirext taxes and copy of Finance Bill for your perusal and record.

 

| Ashwin Nagar | FCA and SAP-FICO\SEM-BCS |

Success is not permanent and failure is not final

Ph: India: +91-98330-15352  US: +1-323-325-4111

 

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Attachment(s) from Ashwin Nagar

4 of 4 File(s)

Finance Bill 2010.zip

Budget_Hihghlights_2010-11.pdf

Budget Direct Tax Provisions[1].pdf

Budget_-_Direct_Indirect_Taxes_incl.Service_tax2011.docx

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Budget Highlights

• FM announces bumper for common man, ups tax slabs 

Not too impressed with the Budget, says Samir Arora  

Vallabh Bhanshali says Budget 'balanced, pragmatic' 

What's cheaper/costlier after Budget 2010 

FY11 fiscal deficit at 5.5%, FY12 seen at 4.8% 

Auto cos breathe easy on FM's pragmatic moves 

Pranab Mukherjee allots Rs 173 crore for infra development 

Union Budget 2010-11: Highlights 

Pranab's Budget balanced, mkts set to rally: Experts 

Budget provides investment linked deduction to new hotels 

Aim to implement Direct Tax Code, GST by 1st April 2011: FM 

Budget 2010: Pranab cuts surcharge for corporates, ups MAT 

Budget 2010: FM doubles allocation, solar power gets boost 

Oil & gas: Budget 2010 low on reforms, high on tax 

FM's Budget makes tobacco cos cough 

Review of Indian Economy

REVIEW OF INDIAN ECONOMY FOR THE YEAR 2009-10- SEE ATTACHMENT

--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
          +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
          vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx

A Glossary of Budget Terms

A Glossary of Budget Terms
Appropriation Bill: It is presented to Parliament for its approval, so that the government can withdraw from the Consolidated Fund the amounts required for meeting the expenditure charged on the Consolidated Fund. No amount can be withdrawn from the Consolidated Fund till the Appropriation Bill is voted is enacted   Capital Budget: It consists of capital receipts and payments. It also incorporates transactions in the Public Account. It has two components: Capital Receipt and Capital Expenditure. Capital Expenditure: It consists of payments for acquisition of assets like land, buildings, machinery, equipment, as also investments in shares etc, and loans and advances granted by the Central government to state and union territory governments, government companies, corporations and other parties. Capital Receipt: The main items of capital receipts are loans raised by the government from public which are called market loans, borrowings by the government from the Reserve Bank of India and other parties through sale of Treasury Bills, loans received from foreign governments and bodies and recoveries of loans granted by the Central government to state and union territory governments and other parties. It also includes proceeds from disinvestment of government equity in public enterprises. Central Plan: It consists of the government's budget support to the Plan and the internal and extra budgetary resources raised by public enterprises   Consolidated Fund: It is made up of all revenues received by the government, loans raised by it, and also its receipts from recoveries of loans granted by it. All expenditure of the government is incurred from the Consolidated Fund and no amount can be withdrawn from the Fund without authorisation from Parliament   Contingency Fund: It is an imprest placed at the disposal of the President and is used by the government to incur all its urgent and unforeseen expenditure. Parliamentary approval for such expenditure and for withdrawal of an equivalent amount from the Consolidated Fund is subsequently obtained and the amount spent from the Contingency Fund is recouped to the Fund. Demands for Grants: It is a statement of estimates of expenditure from the Consolidated Fund and is required to be voted by the Lok Sabha. Generally, one Demand for Grant is presented in respect of each ministry or department. Expenditure Budget: It contains expenditure estimates made for a scheme or programme under both revenue and capital heads. These estimates are brought together and shown on a net basis at one place by major heads   Finance Bill: This contains the government's proposals for levy of new taxes, modification of the existing tax structure or continuance of the existing tax structure beyond the period approved by Parliament. It is submitted to Parliament along with the Budget for its approval   Fiscal Deficit: It is the difference between the revenue receipts plus certain non-debt capital receipts and the total expenditure including loans (net of repayments). This indicates the total borrowing requirements of the government from all sources. Monetised Deficit: It indicates the level of support extended by the Reserve Bank of India to the government's borrowing programme. Non-Plan Expenditure: It includes both revenue and capital expenditure on interest payments, the entire defence expenditure (both revenue and capital expenditure), subsidies, postal deficit, police, pensions, economic services, loans to public enterprises and loans as well as grants to state governments, union territory governments and foreign governments. Plan Expenditure: It includes both revenue and capital expenditure of the government on the Central Plan, Central assistance to state and union territory plans. It forms a sizeable proportion of the total expenditure of the Central government. Primary Deficit: It is the difference between fiscal deficit and interest payments   Public Account: It is an account in which money received through transactions not relating to the Consolidated Fund is kept. Besides the normal receipts and expenditure of the government relating to the Consolidated Fund, certain other transactions enter government accounts in respect of which the government acts more as a banker, for example, transactions relating to provident funds, small savings collections, other deposits etc. Such money is kept in the Public Account and the connected disbursements are also made from it. Public Account funds do not belong to the government and have to be paid back some time or the other to the persons and authorities who deposited them. Parliamentary authorisation for payments from the Public Account is not required . Revenue Budget: It consists of the revenue receipts of the government (which is tax revenues plus other revenues) and the expenditure met from these revenues. It has two components: Revenue Receipt and Revenue Expenditure   Revenue Deficit: It refers to the excess of revenue expenditure over revenue receipts. Revenue Expenditure: It is meant for the normal running of government departments and various services, interest charges on debt incurred by the government and subsidies. Broadly speaking, expenditure which does not result in creation of assets is treated as revenue expenditure. All grants given to state governments and other parties are also treated as revenue expenditure even though some of the grants may be for creation of assets. Revenue Receipt: It includes proceeds of taxes and other duties levied by the Centre, interest and dividend on investments made by the government, fees and other receipts for services rendered by the government   Source: Government Budget Documents

 

--
Best Wishes

CA. V.M.V.SUBBA RAO
Chartered Accountant
Door No.24-2-1885,
I Floor, Flat No.5,
Siddivinayaka Residency, I Cross,
Central Avenue, MSR Nagar,
Magunta Layout,
Nellore-524 003
Andhra Pradesh
India
Mobile:+91 - 0 9390221100
          +91 - 0 9440278412
e-Mail: vmvsr@rediffmail.com
          vmvsr@yahoo.co.uk
http://pdicai.org/MyPage/203038.aspx