Budget Highlights 2010-11
The FM has presented Annual Budget for the year 2010-11. The snapshots and impact follow: The market moved skywards on the FM's announcement of new tax slabs Income upto Rs. 1.6 lacs exempt from tax 10% tax on income between Rs 1.6 lacs to 5 lacs 20% tax on income between Rs 5 lacs to 8 lacs 30% tax on income above Rs 8 lacs Section 80c investment limit hiked by Rs 20000 (the investment has to be made in long term infrastructure bonds) IT exemption limit enhanced, surcharge withdrawn IT returns forms for individual tax payers to be further simplified (2 page Saral 2 form would be notified by IT deptt) Expenditure in 2010-11 estimated at 11,l8,749 crore Fiscal deficit estimated at 5.5 percent in 2010-11, which shows an improvement of 1 percent over 2009-10 Two more centralised tax processing centres to be set up in addition to the one at Bangalore National Social Security Fund created for workers in unorganised sector with allocation...