Union Budget 2011 Summary - Doc Download - CiteHR
Vxlgaurav
Hr Generalist
Sachin@BlueOrange
Hr Consultancy
+6 Others

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Hi All, Today Mr FM has announced the budget of 2011-12.. I am sharing with you the summary of the budget.. Hope it would be helpful for you..

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File Type: doc UNION BUDGET 2011.doc (38.0 KB, 4158 views)

• Corporate tax surcharge reduced from 7.5% to 5%. Minimum alternate tax rate up from 18% to 18.5%.

• IT exemption for taxpayers raised from Rs 1.6 lakh to Rs 1.8 lakh. Tax relief is about Rs 2,000 across-the-board.

• Senior citizens to get higher IT deduction limit of Rs 2.5 lakh. Entitlement age reduced to 60 from current 65

• New category of senior citizens above 80 years to get higher IT deduction limit of Rs 5 lakh from this year

• Service tax levels and excise stay at 10%; Peak rate of customs duty remains unchanged

• Excise exemptions withdrawn on 130 items; to pay minimum excise of 1% from next year

• Foreign individual investors allowed to invest directly in mutual funds subject to KYC requirements

• Govt to allow issue of Rs 30,000 crore worth of tax-free bonds by infrastructure companies in 2011-12

• Tax deduction for investment in infrastructure bonds of Rs 20,000 extended for one more year

• Investment in fertiliser plants and machinery to be treated as infrastructure investment

• Fiscal deficit for 2010-11 seen at 5.1% against 5.5% budgeted; deficit for 2011-12 projected at 4.6% of GDP

• Government to introduce direct cash payments for those entitled to subsidies in kerosene, cooking gas and fertiliser by March, 2012.

• Government considering extension of nutrient-based subsidy for urea, the largest chunk of fertilisers used in agriculture

• National mission for electric and hybrid vehicles to be set up to create environment-friendly automobiles

• Priority sector home loans limit raised to Rs 25 lakh from Rs 20 lakh.

• Interest subvention on home loans up to Rs 15 lakh. Mortgage risk guarantee corporation to insure loans to the poor

• Public sector disinvestment target for 2011-12 is raised to Rs 40,000 crore

• Centre's net borrowing figure for 2011-12 fixed at Rs 3,43,000 crore; fiscal deficit figure at Rs 4,12,000 crore

• Cement excise duties will be shifted to valorem basis from specific duty now

• Loss on direct tax reliefs at Rs 11,500 crore; gain on indirect tax changes at Rs 11,300 crore

• FM says no need to remove stimulus package at this stage, but will withdraw excise exemptions

• FIIs allowed to invest in MF schemes.

• FII limit in corporate bonds has been raised by $20 billion.

• LPG, kerosene and fertilisers will be transferred directly to BPL beneficiaries.

• More banking licenses to be given.

• Subvention of 3per cent on farmers paying loans before time.

• Short term interest to farmers will continue to be at 7 per cent.

Many thanks to gaurav and rupesh. Good attempt. Budget is silent about the recovery of black money accumulated in abroad amounting to rupees 400 lacs crore.
Dear All Here is one more summary of the budget Regards sachin

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File Type: pdf Budget Highlight 2011-2012.pdf (730.9 KB, 965 views)

Hello Friends, can any one help me out from getting the material(question bank) to prepare for PSU(HR) exams. I would be glad if any one help me
Dear Gaurav / Sachin
Thanks for updating us on Budget 2011-12. I have one query or not confirm that Mr. Mukherjee introduce in this budget if any employee salary is below tax level then there is no requirement to fillup the return. But if any employees salary is taxable then employer have to submit employees income tax return to IT department ?
If is is applicable to all employer then employers responsibility also increase, first we have to collect declaration from employee for not getting any other income except salary, also collect employees investment proofs and finally submit employees return. It is right ?
Regards
Sanjay

can someone tell me one thing.....
as Three more categories have been added to Service Tax,
In a restaurant we already have VAT, now will that VAT be removed or VAT will have to be paid along with Service Tax????????????????????

Dear Mr Garauv and suresh, Thanks for sending the summary of the budget as it will help us to know and understand the nity grity of the budet. Regards permeshwer nath
The budget process is totally antiquated.in most nations policies are introduced after long discussions and we should follow the same.
Most of the time budgets are associated with big bang policy and most of them are not implemented.
let us stop making spectacular announcements.
This should bea constructive one about specific expenditure control initiatives.
I would like the governmnet to do something about the efficiency of government and not to talk about outlays and outcomes

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