Budget 2008 Overview

[ross18]

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 Banking cash transaction tax withdrawn from April 1, 2009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 Duty withdrawn on naptha for production of polymers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....

[melroy88]

Thankx Ross ....This is very useful for Gd's ...
Kudos to ya!!!

God bless

[meet_aseem]

really great stuff...a very nice summary in nut shell!!

[jpvano01]

Thank you for the announcement!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

[ginger_guy14]

gr888 work done.......
thanxxxxx a lot..........

[ashu1234]

...............Nice work Ross Nice Summary of FMs Speech................

[yedhulaprakash]

Click the link below for a comparison in tax liability pre-budget and post budget


http://www.lawyersclubindia.com/shar...p?files_id=788