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TMI BlogBudget 2011-2011X X X X Extracts X X X X X X X X Extracts X X X X ..... Highlights and Major Announcements in Budget 2011 - Reply By Surender Gupta - The Reply = DTC to be introduced w.e.f. 1-4-2012 [Bill is expected to be introduced during 2010-2011] GST - Constitution amendment bill to be introduced during budget session this year. FIIs allowed to invest in MFs; unlisted bonds with minimum lock in period of 3 yrs Companies bill will be introduced in Lok Sab ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ha in current session Self assessment in customs to facilitate fast clearance to be intorduced Refund schemes to be simplyfied in service tax / SEZ Exemption in Income Tax limit raised to Rs 1.8 lakh from Rs 1.6 lakh - Reply By Surender Gupta - The Reply = Critical institutional reforms set pace for double-digit growth Scaled up flow of resources infuses dynamism in rural economy GD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... P estimated to have grown at 8.6% in 2010-11 Exports grown by 9.6%, imports by 17.6% in April-January 2010-11 over corresponding period last year Indian economy expected to grow at 9% in 2011-12. Five-fold strategy to deal with black money. Group of Ministers to suggest ways for tackling corruption Public Debt Management Agency of India Bill to come up next financial year Direct Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Code (DTC) to be effective from April 01, 2012 Phased move towards direct transfer cash subsidy to BPL people for better delivery of kerosene, LPG and fertilizer mooted Rs.40,000 crore to be raised through disinvestment in 2011-12 FDI policy to be liberalized further SEBI registered mutual funds permitted to accept subscription from foreign investors who meet KYC requirement FII limit fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r investment in corporate bonds in infrastructure sector raised Additional banking license to private sector players proposed Rs.6000 crore to be provided in 2011-12 for maintaining minimum Tier I Capital to Risk Weighted Asset Ratio (CRAR) of 8% in public sector banks Rs.500 crore to be provided to regional rural banks to maintain 9% CRAR India Microfinance Equity Fund of Rs.100 crore to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be created by SIDBI Rs. 500 crore Women SHG Development Fund to be created Micro Small and Medium Enterprises MSME gets boost as Rs. 5000 crore provided to SIDBI and Rs.3000 crore to NABARD Existing housing loan limit enhanced to Rs.25 lakh for dwelling units Provision under Rural housing Fund enhanced to Rs.3000 crore Allocation under Rashtirya Krishi Vikas yojna (RKVY) increased to R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s.7860 crore Allocation of Rs.300 crore to promote 60000 pulses villages in rainfed areas Rs. 300 crore vegetable initiative to achieve competitive prices Rs.300 crore to promote higher production of nutri-cereals Rs.300 crore to promote animal based protein Rs.300 crore Accelerated Fodder Development Programme to benefit farmers in 25000 villages Credit flow to farmers raised from Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3,75,000 crore to Rs.4,75,000 crore Rs.10,000 crore for NABARD s Short Term Rural Credit Fund for 2011-12 15 more mega food parks during 2011-12 National food security bill to be introduced this year Capital investment in storage capacity to be eligible for viability gap funding 23.3% increase in allocation for infrastructure Tax-free bonds of Rs.30,000 crore proposed by government un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dertakings Environmental concerns relating to infrastructure projects to be considered by Group of Ministers National Mission for Hybrid and Electric Vehicles to be launched 7 Mega clusters for leather products to be set up Allocation for social sector increased by 17% amounting to 36.4% of total plan allocation Bharat Nirman allocation increased by Rs.10,000 crore Rural broadband co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nnectivity to all 2.5 lakh panchayats in three years. Bill to amend Indian Stamp Act to introduce. Rs.300 crore scheme for modernization stamp and registration administration Significant increase in remuneration of Angawadi workers and helpers Allocation for education increased by24%. Rs.21,000 crore allocated for Sarv Shikshya Abhiyan registering an increase of 40% 1500 institute of h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... igher learning to be connected by March 2012 with Knowledge Knowledge Network. National Innovation Council set up. Additional Rs.500 crore for National Skill Development Fund Plan allocation for health stepped up by20% Indira Gandhi National Old Age Pension Scheme liberalized further Rs.200 crore for Green India Mission Rs.200 crore for cleaning of rivers Rs.8000 crore provided for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... development needs of J K 10 lakhs Aadhaar(UID) numbers to be generated everyday from 1 st October Fiscal deficit kept at 4.6% of GDP for 2011-12 Income Tax exemption limit for general category in individual tax payers enhanced from Rs.1,60,000 to Rs.1,80,000 Qualifying age for senior citizens lowered to 60; senior citizen above 80 year to get Rs.5,00,000 IT exemption Surcharge on corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rate lowered to 5% - Reply By Rama Krishana - The Reply = FM has indicated that service tax on medical services may be rolled back - Budget 2011-2011 - Query Started By: - Surender Gupta Dated:- 28-2-2011 Other Topics - Got 3 Replies - Indian Laws - Discussion Forum - Knowledge Sharing, reply post by an expert, personal opinion Tax Management India - taxmanagementindia - taxmanagement - t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... axmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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