ross18
MP Guru
Budget 2008 Overview
1. Tax exemption hiked from Rs 1,10,000 to Rs 1,50,000
2. Minimum relief of Rs 4,000 to all assessees
3. 10% tax between Rs 1.50,001 and Rs 3,00,000
4. 20% tax between Rs 3,00,001 and Rs 5,00,000
5. 30% tax on income above Rs 5,00,001
6. No change in corporate income tax rate
7. Women exemption hiked to Rs 1,80,000
8. Tax exemption for senior citizens upto Rs 2.25 lakhs
9. Tax exemption for women up to Rs 1,80,000
10. Banking cash transaction tax withdrawn from April 1, 2009
11. Indirect tax proposals to result in loss of Rs 5,000 cr
12. Direct tax proposals to be revenue neutral
13. Dividend of subsidiary company exempt from DDT
14. Reduce central sales tax to 2%
15. Increase in short term capital gains tax to 15%
16. 5-yr tax holiday for setting up hospitals in tier-II, tier III regions
17. Excise duty of Rs 1.35/litre on unbranded petrol
18. Excise duty of Rs 4.6/litre on unbranded diesel
19. Commodities Transactions Tax to be introduced
20. Securities Transaction Tax to be treated like deductible expenditure
21. 5-yr tax holiday to 2,3,4-star hotels in UNESCO's heritage sites
22. NO FBT on creche, employee sports, guest houses facilities
23. No change in corporate income tax rate
24. No change in corporate surcharge tax
25. Duty on two wheelers reduced from 16 to 12 pc
26. Tax slab for Rs 3-5 lakh is 20%, above 5 lakhs 30%
27. Senior citizens' exemption hiked from Rs 1,95,000 to 2,25,000
28. Women exemption threshold hiked from Rs 1,45,000 to 1,80,000
29. Tax exemption hiked from Rs 1,10,000 to Rs 1,50,000
30. Duty on non filter cigarettes to be raised
31. Excise duty slashed to 8% on water purification items
32. Duty withdrawn on naptha for production of polymers
33. Reduce excise duties on anti-AIDS drugs
34. Tax-GDP ratio up at 12.5%
35. Excise on paper and paper products reduced
36. Excise duties on buses, chassis slashed
37. Excise on small cars to 14%
38. Excise on pharma goods slashed to 14%
39. General CENVAT rate on all goods from 16% to 14%
40. Customs duty on few bulk drugs cut to 5%
41. Customs duties on crude sulphur reduced to 2%
42. Exempt on duties on coral
43. Duties on convergence products slashed to 5%
44. Fully exempt duties on Set top boxes
45. Reduce duties on steel melting scrap, aluminum scrap
46. No change in peak rate of customs duties
47. Revenue Deficit will be 1.4 % agt Budget Estimate of 1.5%
48. Planning Commission to evaluate major schemes
49. Sixth central pay commission to submit report by March 31, 2008
50. Grant of Rs 50 cr to Natl Tiger Conservation Authority
51. Rs 75 cr to ICCR for cultural development
52. Defence allocation hiked by 10% to Rs 1,05,600 cr
53. Rs 32,676 crore as subsidy to PDS
54. Smart-card based PDS system in Haryana, Chandigarh
55. Allocation of Rs 44 cr to 22 Sainik schools each
56. Rs 75 cr to Agri Ministry for soil testing labs in 250 districts
57. Rs 15,000 cr for non-profit body for skilled dev programme
58. Launch a world-class skilled development programme
59. PAN requirement for all securities transactions
60. To start a forex derivative market
61. More transparency in the derivative market
62. Risk Capital Fund to be set up in SIDBI
63. National Highway Dev programme gets Rs 12,966 cr
64. Accelerated power development programmes to get Rs 8,000 cr
65. Ultra mega power project at Tilana shortly
66. Rs 12,956 Cr for NHDP
67. Banks to be encouraged to embrace total financial inclusion
68. Foreign invt up to $8 bn expected for oil block exploration
69. Coal regulator to be set up
70. 17 lakh families of weavers under Health Insurance
71. State data centres scheme approved and get Rs 275 cr
72. 1 lakh broadband-enabled common service centres in villages
73. Enhance allocation of NHDP programme
74. Rs 800 cr for power reforms
75. Manufacturing growth rate to be taken to double digit
76. RIDF corpus to be hiked to Rs 14,000 cr
77. Total estimate of loans being waived is Rs 50,000 cr
78. Implementation of debt waiver scheme to end by June 30
79. Waiver amounts to 4% of total bank loans
80. Rescheduled farm loans eligible for waiver
81. Sensex down 210 points
82. Speaker calls for silence
83. Din in House over PC's relief plans to farmers
84. Marginal, small farmers to get full waiver on all loans
85. 500 soil testing labs to be set up in the country
86. Scheme of debt waiver and debt relief for farmers
87. Allocation for NRHM increased to Rs 12,050 cr
88. National Horticulture Mission gets Rs 1,100 cr
89. Weather-based crop insurance scheme to get Rs 50 cr
90. Rs 20,000 cr for irrigation projects under AIPB
91. Special grant of Rs 20 cr to Tea Research Association
92. Rs 500 cr to be allocated for micro irrigation schemes
93. More funds for cardamom, coffee growing
94. Rashtriya Krishi Vikas Yojana to get Rs 2,80,000 cr
95. 53 minor irrigation programmes to be implemented
96. Target of Rs 2.80 lakh cr for agri-credit in 2008-09
97. Ministry of Woman and Child Dev gets Rs 7,200 cr
98. 24% increase in allocation for child development
99. Rs 500 cr for development of border areas
100. Rs 1,042 cr for anti-Polio drive
101. Jawaharlal Nehru Urban Renewal Mission to get Rs 6,865cr
102. Growth of agri-credit impressive
103. Allocation for ICDS increased to Rs 6,300 cr
104. Minority Affairs Ministry fund doubled to Rs 1,000 cr
105. 288 PSU bank branches in minority districts
106. Rs 540 cr for development plan for minority districts
107. Rs 500 cr for corpus fund to subsidise all women
108. LIC to cover all women Self-help Groups linked to banks
109. Rs 200 crore for potable water in schools
110. Rs 12,050 cr for strengthening rural health services
111. Sanitation programmes to get Rs 1200 cr
112. More minority recruitments in central para-military forces
113. ICDS allocation hiked to Rs 6,300 cr
114. Rs 300 cr for desalination plant near Chennai
115. Rs 75 cr for Rajiv Gandhi Natl Fellowship Prog
116. Natl Handicap Development Corp to get Rs 9 cr
117. Natl Minorities Development Corp to get Rs 75 cr
118. Allocation for NE schemes up from 14,365 cr to 16,400 cr
119. Rajiv Gandhi Drinking Water mission allocation hiked
120. NREG scheme to be rolled out in 596 districts
121. National Rural Health Mission allocation hiked by 15%
122. Remuneration of Anganwadi helpers hiked to Rs 750
123. Remuneration of Anganwadi workers hiked to Rs 1,500
124. 3 IIScs in Bhopal and Trivandrum
125. National Programme for the Elderly to be set up
126. Rs 30,000 health cover for every worker in unorganised sector
127. 2 schools of Planning and Architecture
128. Secondary education Scheme Rs 4,554 crore
129. Rs 100 cr to Ministry of Science and tech for Natl Knowledge Network
130. All knowledge bodies to be connected via broadband
131. Rs 85 crore to building a knowledge society
132. Scholarships for science and research
133. Education and Health allocation up 20%
134. Service Sector to grow at 10.7%
135. 3 IITs in AP, Bihar and Rajasthan
136. 16 central universities to be set up
137. Mid-day meal scheme extended to upper primary classes
138. Budgetary allocation for mid-day meal scheme Rs 8,000 cr
139. Rs 10 cr for Nehru Kendras in 110 districts
140. Rs 34,400 cr budgetary allocation for education
141. Sarva Shiksha Abhiyaan gets Rs 13,100 cr
142. Bharat Nirman Programme gets allocation of Rs 31,280 cr
143. 410 Vidyalayas in villages
144. Navodiya Vidyalayas in 6,0-00 districts
145. 6,000 model high schools to be set up
146. Agricultural growth rate at 2.6%
147. Education, health pillars of social sector reforms
148. 2008-09 will be a year of consolidation
149. Budget 08-09 about raising our sights, doing better
150. Capital inflows in excess of economic deficit
151. Confident of maintaining 8% growth
152. Impact of global mkts on local mkts unclear
153. Govt, RBI to jointly work to check capital inflow
154. Govt will monitor foreign fund inflow
155. Check foreign inflow to stabilise Indian mkts
156. Capital Inflow needs to be managed more actively
157. Agri credit doubled in first 2 years of UPA rule
158. Global markets are weak
159. Inflation will be checked
160. Sustained progress thanks to economic reforms
161. Launched Rashtriya Krishi Vikas Yojna
162. All time record for food grain output in 2007
163. Total output of food grains 219.32 mn tonnes
164. We must be vigilant for downside risk
165. Crude oil down significantly
166. Agriculture was disappointing
167. Capital inflow poses a challenge to monetary management
168. Growth rate is 8.8%
169. Service sector is the driver of Budget
170. Since Aug 2007 financial economies witnessed turmoil
171. 2007-08 has been a challenging year
172. Finance Minister P Chidambaram begins addressing Parliament
173. Pandemonium in the House as Oppn holds up speech
174. This is PC's seventh Budget, UPA government's last before it goes to poll next year
175. The next Union Budget will be a vote-on-account because of general elections
Take Care....
2. Minimum relief of Rs 4,000 to all assessees
3. 10% tax between Rs 1.50,001 and Rs 3,00,000
4. 20% tax between Rs 3,00,001 and Rs 5,00,000
5. 30% tax on income above Rs 5,00,001
6. No change in corporate income tax rate
7. Women exemption hiked to Rs 1,80,000
8. Tax exemption for senior citizens upto Rs 2.25 lakhs
9. Tax exemption for women up to Rs 1,80,000
10. Banking cash transaction tax withdrawn from April 1, 2009
11. Indirect tax proposals to result in loss of Rs 5,000 cr
12. Direct tax proposals to be revenue neutral
13. Dividend of subsidiary company exempt from DDT
14. Reduce central sales tax to 2%
15. Increase in short term capital gains tax to 15%
16. 5-yr tax holiday for setting up hospitals in tier-II, tier III regions
17. Excise duty of Rs 1.35/litre on unbranded petrol
18. Excise duty of Rs 4.6/litre on unbranded diesel
19. Commodities Transactions Tax to be introduced
20. Securities Transaction Tax to be treated like deductible expenditure
21. 5-yr tax holiday to 2,3,4-star hotels in UNESCO's heritage sites
22. NO FBT on creche, employee sports, guest houses facilities
23. No change in corporate income tax rate
24. No change in corporate surcharge tax
25. Duty on two wheelers reduced from 16 to 12 pc
26. Tax slab for Rs 3-5 lakh is 20%, above 5 lakhs 30%
27. Senior citizens' exemption hiked from Rs 1,95,000 to 2,25,000
28. Women exemption threshold hiked from Rs 1,45,000 to 1,80,000
29. Tax exemption hiked from Rs 1,10,000 to Rs 1,50,000
30. Duty on non filter cigarettes to be raised
31. Excise duty slashed to 8% on water purification items
32. Duty withdrawn on naptha for production of polymers
33. Reduce excise duties on anti-AIDS drugs
34. Tax-GDP ratio up at 12.5%
35. Excise on paper and paper products reduced
36. Excise duties on buses, chassis slashed
37. Excise on small cars to 14%
38. Excise on pharma goods slashed to 14%
39. General CENVAT rate on all goods from 16% to 14%
40. Customs duty on few bulk drugs cut to 5%
41. Customs duties on crude sulphur reduced to 2%
42. Exempt on duties on coral
43. Duties on convergence products slashed to 5%
44. Fully exempt duties on Set top boxes
45. Reduce duties on steel melting scrap, aluminum scrap
46. No change in peak rate of customs duties
47. Revenue Deficit will be 1.4 % agt Budget Estimate of 1.5%
48. Planning Commission to evaluate major schemes
49. Sixth central pay commission to submit report by March 31, 2008
50. Grant of Rs 50 cr to Natl Tiger Conservation Authority
51. Rs 75 cr to ICCR for cultural development
52. Defence allocation hiked by 10% to Rs 1,05,600 cr
53. Rs 32,676 crore as subsidy to PDS
54. Smart-card based PDS system in Haryana, Chandigarh
55. Allocation of Rs 44 cr to 22 Sainik schools each
56. Rs 75 cr to Agri Ministry for soil testing labs in 250 districts
57. Rs 15,000 cr for non-profit body for skilled dev programme
58. Launch a world-class skilled development programme
59. PAN requirement for all securities transactions
60. To start a forex derivative market
61. More transparency in the derivative market
62. Risk Capital Fund to be set up in SIDBI
63. National Highway Dev programme gets Rs 12,966 cr
64. Accelerated power development programmes to get Rs 8,000 cr
65. Ultra mega power project at Tilana shortly
66. Rs 12,956 Cr for NHDP
67. Banks to be encouraged to embrace total financial inclusion
68. Foreign invt up to $8 bn expected for oil block exploration
69. Coal regulator to be set up
70. 17 lakh families of weavers under Health Insurance
71. State data centres scheme approved and get Rs 275 cr
72. 1 lakh broadband-enabled common service centres in villages
73. Enhance allocation of NHDP programme
74. Rs 800 cr for power reforms
75. Manufacturing growth rate to be taken to double digit
76. RIDF corpus to be hiked to Rs 14,000 cr
77. Total estimate of loans being waived is Rs 50,000 cr
78. Implementation of debt waiver scheme to end by June 30
79. Waiver amounts to 4% of total bank loans
80. Rescheduled farm loans eligible for waiver
81. Sensex down 210 points
82. Speaker calls for silence
83. Din in House over PC's relief plans to farmers
84. Marginal, small farmers to get full waiver on all loans
85. 500 soil testing labs to be set up in the country
86. Scheme of debt waiver and debt relief for farmers
87. Allocation for NRHM increased to Rs 12,050 cr
88. National Horticulture Mission gets Rs 1,100 cr
89. Weather-based crop insurance scheme to get Rs 50 cr
90. Rs 20,000 cr for irrigation projects under AIPB
91. Special grant of Rs 20 cr to Tea Research Association
92. Rs 500 cr to be allocated for micro irrigation schemes
93. More funds for cardamom, coffee growing
94. Rashtriya Krishi Vikas Yojana to get Rs 2,80,000 cr
95. 53 minor irrigation programmes to be implemented
96. Target of Rs 2.80 lakh cr for agri-credit in 2008-09
97. Ministry of Woman and Child Dev gets Rs 7,200 cr
98. 24% increase in allocation for child development
99. Rs 500 cr for development of border areas
100. Rs 1,042 cr for anti-Polio drive
101. Jawaharlal Nehru Urban Renewal Mission to get Rs 6,865cr
102. Growth of agri-credit impressive
103. Allocation for ICDS increased to Rs 6,300 cr
104. Minority Affairs Ministry fund doubled to Rs 1,000 cr
105. 288 PSU bank branches in minority districts
106. Rs 540 cr for development plan for minority districts
107. Rs 500 cr for corpus fund to subsidise all women
108. LIC to cover all women Self-help Groups linked to banks
109. Rs 200 crore for potable water in schools
110. Rs 12,050 cr for strengthening rural health services
111. Sanitation programmes to get Rs 1200 cr
112. More minority recruitments in central para-military forces
113. ICDS allocation hiked to Rs 6,300 cr
114. Rs 300 cr for desalination plant near Chennai
115. Rs 75 cr for Rajiv Gandhi Natl Fellowship Prog
116. Natl Handicap Development Corp to get Rs 9 cr
117. Natl Minorities Development Corp to get Rs 75 cr
118. Allocation for NE schemes up from 14,365 cr to 16,400 cr
119. Rajiv Gandhi Drinking Water mission allocation hiked
120. NREG scheme to be rolled out in 596 districts
121. National Rural Health Mission allocation hiked by 15%
122. Remuneration of Anganwadi helpers hiked to Rs 750
123. Remuneration of Anganwadi workers hiked to Rs 1,500
124. 3 IIScs in Bhopal and Trivandrum
125. National Programme for the Elderly to be set up
126. Rs 30,000 health cover for every worker in unorganised sector
127. 2 schools of Planning and Architecture
128. Secondary education Scheme Rs 4,554 crore
129. Rs 100 cr to Ministry of Science and tech for Natl Knowledge Network
130. All knowledge bodies to be connected via broadband
131. Rs 85 crore to building a knowledge society
132. Scholarships for science and research
133. Education and Health allocation up 20%
134. Service Sector to grow at 10.7%
135. 3 IITs in AP, Bihar and Rajasthan
136. 16 central universities to be set up
137. Mid-day meal scheme extended to upper primary classes
138. Budgetary allocation for mid-day meal scheme Rs 8,000 cr
139. Rs 10 cr for Nehru Kendras in 110 districts
140. Rs 34,400 cr budgetary allocation for education
141. Sarva Shiksha Abhiyaan gets Rs 13,100 cr
142. Bharat Nirman Programme gets allocation of Rs 31,280 cr
143. 410 Vidyalayas in villages
144. Navodiya Vidyalayas in 6,0-00 districts
145. 6,000 model high schools to be set up
146. Agricultural growth rate at 2.6%
147. Education, health pillars of social sector reforms
148. 2008-09 will be a year of consolidation
149. Budget 08-09 about raising our sights, doing better
150. Capital inflows in excess of economic deficit
151. Confident of maintaining 8% growth
152. Impact of global mkts on local mkts unclear
153. Govt, RBI to jointly work to check capital inflow
154. Govt will monitor foreign fund inflow
155. Check foreign inflow to stabilise Indian mkts
156. Capital Inflow needs to be managed more actively
157. Agri credit doubled in first 2 years of UPA rule
158. Global markets are weak
159. Inflation will be checked
160. Sustained progress thanks to economic reforms
161. Launched Rashtriya Krishi Vikas Yojna
162. All time record for food grain output in 2007
163. Total output of food grains 219.32 mn tonnes
164. We must be vigilant for downside risk
165. Crude oil down significantly
166. Agriculture was disappointing
167. Capital inflow poses a challenge to monetary management
168. Growth rate is 8.8%
169. Service sector is the driver of Budget
170. Since Aug 2007 financial economies witnessed turmoil
171. 2007-08 has been a challenging year
172. Finance Minister P Chidambaram begins addressing Parliament
173. Pandemonium in the House as Oppn holds up speech
174. This is PC's seventh Budget, UPA government's last before it goes to poll next year
175. The next Union Budget will be a vote-on-account because of general elections
Take Care....
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