The Finance Minister Pranab Mukherjee has proposed amendments to the Budget. It is customary for the FM to take in suggestions from various sides and introduce any necessary amendments. The FM has said that the priority was to provide a stimulus to economic activity.
2009-10
Recent Posts
KPMG India’s Budget highlights
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KPMG India has analysed the implications of the budget in two parts. The report that talks about the Budget Highlights says in a foreword it is reassured by the government’s stand reiterating a commitment to bring in GST by April 2010. It also talks about issues like the new direct tax code, setting up of an alternative dispute resolution mechanism and empowering the Central Board of Direct Taxes to formulate safe harbour rules for transfer pricing in international transactions.
Filed under: Economy+Policy, Quick News, 2009-10, Cenvat, Income Tax, KPMG, Tax, Union Budget
Budget 2009-10: Impact on Industry
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Income Tax
This was a big disappointment to those expecting a bagful of goodies from the Indian government, that the Union Budget 2009-10 would cut dividend distribution tax, corporate tax rates will be cut and so on. There was no change in the corporate tax rate.
Filed under: Companies, Top News, 2009-10, Income Tax, Policy From the Government, Union Budget
Individuals and the Budget: No major tax reliefs, no major pain
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There was little to cheer for the individual tax payer in the 2009-10 Union Budget. The view perhaps is that the burden on him has been lowered substantially in the past few years. Hence, there is no reason to do a lot this year.
Filed under: Economy+Policy, Top News, 2009-10, Income Tax, Tax, Union Budget
Highlights of the Union Budget 2009-10: Part Two
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India’s tax-gdp ratio has improved from 9.2% in 2003-04 to 11.5% in 2008-09. The government wishes to simplify the tax structure. A new direct tax code will be released for public comments within 45 days and the new code will be finalised during the winter session of parliament. A Goods and Services Tax to be introduced from April 2010, but will comprise of a Central GST and a State GST.
Direct Taxes
Individual
Filed under: Economy+Policy, Quick News, 2009-10, Economy Number Speak, Fiscal Deficit, Pranab Mukherjee, Union Budget
Highlights of the Union Budget 2009-10: Part One
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These are some of the highlights from the speech given by the Finance Minister Pranab Mukherjee, presenting the Budget in parliament. Part One deals with the state of the economy and key policy announcements while the second part will deal with tax proposals.