Finance minister Mr Pranabh Mukherjee has presented the union budget for year 2010-2011 in the Parliament today. The major highlights of the budget are as follows ....
- A modified income tax slab that is expected to give substantial savings to the tax payers. The tax rates have been drastically changed.
- Tax exemptions on long term infrastructure bonds extended upto Rs 20,000 above the existing 1 lakh limit.
- Surcharge on corporate taxes reduced to 7.5 percent from the current 10 percent.
- An extra Rs 1 per litre excise duty on petrol and diesel
- Gold and silver import duties increased.
- Excise duty on SUVs and large cars increased to 22 %. Up from the current 20%
- Rs 66,000 crores for village development.