Highlights of 2010-11 budget presented by Finance Minister Pranab Mukherjee in parliament Friday February 26, 2010:

Highlights of 2010-11 budget presented by Finance Minister Pranab Mukherjee in parliament Friday February 26, 2010:
Highlights
· Online news agencies to attract tax
· Sensex surges 350 points on new tax slabs
· Rationalising tax criteria on gaming software
· No hike in service tax
· Corporate surcharge down from 10 per cent to 7.5 per cent
· Liquor prices set to go up
· Prices of gold, silver, precious stones set to rise
· Makers of mobile accessories to get tax breaks
· No taxes on transportation of pulses
· Prices to go up for cars, cement, fuel, cigarettes, air conditioners, TVs, steel
· To restore 7.5 per cent duty on petrol and diesel
· Raise excise duty on all non smoking tobacco
· Uproar over hike in fuel prices in Lok Sabha
· To restore 5 per cent duty on crude petroleum
· Fuel prices likely to go up
· Central exicse duty on petrol and diesel raised to Rs 1 per litre
· Rollback in excise duty to 10 per cent
· Govt announces partial rollback in excise duty
· Excise on large cars, SUVs and MUVs raised to 22 per cent
· Presumptive tax limit raised to Rs 60 lakh
· Investment linked deduction benefit for two star hotels
· Deduction of Rs 20,000 towards infrastructure bonds
· Reduce current surcharge on companies to 7.5 per cent
· Income above 8 lakh - 30 per cent tax
· Income from 5 lakh to 8 lakh - 20 per cent tax
· Income between 1.6 lakh to 5 lakh - 10 per cent tax
· No tax on income up to Rs 1.6 lakh
· IT department to notify Saral 2 forms
· Net market borrowing pegged at Rs 3.45 lakh crore
· IT return forms to be more user friendly
· Govt to bring subsidy related liability into fiscal accounting
· Borrowing plan to be decided in consultation with RBI
· FY 10 budget deficit seen at 6.9 per cent of GDP
· FY 13 fiscal deficit target at 4.1 per cent
· Fy 12 fiscal deficit target at 4.8 per cent
· Govt to set up National Mission of Delivery of Justice
· Gross tax receipts seen at Rs 7.46 lakh crore in FY'11
· Fiscal deficit target of 5.5 per cent in FY11
· 15 per cent increase in plan expenditure
· Defence Capex rasied to Rs 60000 crore for FY'11
· Allocation for defence raised to 1.47 lakh crore
· UIDA to roll out first set of IDs by end of 2010
· Allocation of Rs 1900 crore to Unique Identity Project
· Allocation to minority welfare ministry Rs 2600 crore
· Govt to contribute Rs 1000 per month for pension security
· Home loans up to Rs 20 lakh to get 1 per cent subvention up to March 2011
· Allocated RS 66,100 crore for rural development
· Social Security Fund to have a corpus of Rs 1000 crore
· National Social Security Fund for unorganised sector
· Extend interest subvention for housing loans up to Rs Rs 10 lakh
· To allocate Rs 10,000 crore to Indira Aawas Yojana
· Rs 1200 crore assistance for drought in Bundelkhand
· To allocate 48000 crore for Bharat Nirman
· Allocation to NREGA raised to Rs 41,000 crore
· To allocate 22,300 crore allocation for health ministry
· Social sector spending at 1.38 lakh crore for FY11
· 25 pc of plan allocation for development of rural infrastructure
· To increase plan allocation for education to 31600 crore
· Rs 300 crore of Krishi Vikas Yojna
· Body for macro supervision of big companies
· Annual health survey to be conducted in rural areas in 2011
· Govt ready with draft food securty bill
· To provide one time grant to Tirupur exports
· Competitive bidding for coal block for power sector
· Allocation for power sector Rs 5130 crore in FY11
· Allocation for road infrastructure raised to 19,894 crore
· Rs 1.73 lakh crore or 46 per cent of the plan allocation for infrastructure
· Oil ministry to consider Parikh report in due time
· Crop loan interest subvention for timely repayment raised to 2 per cent
· Period of repayment of farm loan waiver extended to June 30
· Farm credit target raised to Rs 3.75 lakh crores for FY11
· Govt to take a firm view on opening up retail trade
· More captial for rural banks
· Govt to provide credit support to farmers
· RBI will give addtional licenses to private banks
· Challenge is to make growth inclusive
· FDI regime has been simplified by the government
· India received more FDIs last FY
· Disinvestment target Rs 25000 crore this year
· Good and Services Tax to be in place next year
· Valuation of listed PSUs has increased greatly
· Listing of PSUs will ensure corporate governance
· Govt will implement direct tax code by April 1, 2010
· Process to make a simple taxation system
· Need to make growth broad-based
· Gradual phasing out of fiscal stimulus
· With economy recovering, need to review public spending
· Bad monsoon affected food prices adversely
· Food inflation should come down in 2010-11: Pranab
· Export figures for January have been encouraging: Pranab
· Hope to breach 10% growth mark in the near future: Pranab
· Manufacturing has been a growth driver: Pranab
· Growth registered a strong rebound in the second quarter: Pranab
· Govt must deliever to lesser privileged sector: Pranab
· Economy stabilised in first quarter of 2009-10: Pranab
· We have to sustain food security in rural areas: Pranab
· Modernisation of PDS a priority for the govt: Pranab
· Our task is to quickly revert to high GDP growth path: Pranab
· Challenge to make development more inclusive: Pranab
· Indian economy is in far better position now: Pranab
· Pranab Mukherjee begins Budget speech
· Pranab Mukherjee reaches Parliament
· Banks raise deposit rates ahead of budget.
· Mukherjee is scheduled to begin his budget speech at 11 am.
· Budget is expected to slash the deficit as the economy rebounds.
· Government borrowing was forecast to rise by another 2.2 per cent.
· Investors were hoping FM will also be firm on keeping borrowing in check.
· Calls for fiscal discipline are urgent as inflation is forecast to reach 10 pc in coming weeks.
· Mukherjee may also unveil plans to address shortfalls in food production and distribution.
· Budget may include initiatives to address India's chronic infrastructure deficit