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Help Highlights of the Budget 2011/12
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#1
NEW DELHI (Reuters) - Finance Minister Pranab Mukherjee on Monday presented to parliament India's federal budget for the coming financial year beginning in April.

Following are the highlights of the budget:

GROWTH, INFLATION EXPECTATIONS

* Economy expected to grow at 9 percent in 2012, plus or minus 0.25 percent

* Inflation seen lower in the financial year 2011-12

SPENDING

* Plan expenditure seen at 4.41 trillion rupees in 2011-12, up 18.3 percent

REVENUE

* Gross tax receipts seen at 9.32 trillion rupees in 2011-12

* Non-tax revenue seen at 1.25 trillion rupees in 2011-12

DISINVESTMENT

* Disinvestment in 2011-12 seen at 400 billion rupees

POLICY REFORMS

* To create infrastructure debt funds

* To boost infrastructure development with tax-free bonds of 300 billion rupees

* Food security bill to be introduced this year

* To permit Securities and Exchange Board of India (SEBI) registered mutual funds to access subscriptions from foreign investments

* Raised foreign institutional investor limit in 5-year corporate bonds for investment in infrastructure by $20 billion

* Public debt bill to be introduced in parliament soon

SECTOR SPENDING

* To allocate more than 1.64 trillion rupees to defence sector in 2011-12

* Corpus of rural infrastructure development fund raised to 180 billion rupees in 2011-12

* To provide 201.5 billion rupees capital infusion in state-run banks in 2011-12

* To allocate 520.5 billion rupees for the education sector

* To raise health sector allocation to 267.6 billion rupees

AGRICULTURE

* Removal of supply bottlenecks in the food sector will be in focus in 2011-12

* To raise target of credit flow to agriculture sector to 4.75 trillion rupees

* Gives 3 percent interest subsidy to farmers in 2011-12

* Cold storage chains to be given infrastructure status

* Capitalisation of National Bank for Agriculture and Rural Development (NABARD) of 30 billion rupees in a phased manner

* To provide 3 billion rupees for 60,000 hectares under palm oil plantation

* Actively considering new fertiliser policy for urea

FINANCE MINISTER ON THE STATE OF THE ECONOMY

* "Fiscal consolidation has been impressive. This year has also seen significant progress in those critical institutional reforms that will pave the way for double digit growth in the near future."

* Food inflation remains a concern

* Current account deficit situation poses some concern

* Must ensure that private investment is sustained

* "The economy has shown remarkable resilience."

FINANCE MINISTER ON GOVERNANCE


* "Certain events in the past few months may have created an impression of drift in governance and a gap in public accountability ... such an impression is misplaced."

* Corruption is a problem, must fight it collectively

:happy:IF YOU LIKE THEN DON'T FORGET TO CLICK THANKS
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#2
No filing of tax returns if salary is only incomeTongueranab

New Delhi, Feb 28 : In a big relief from cumbersome tax filing process for the salaried class, Finance Minister Pranab Mukherjee today proposed to exempt them from filing tax returns unless they have other sources of income.

The government will be issuing a notification exempting 'classes of persons' from the requirement of furnishing income tax returns, said the Memorandum to the Finance Bill 2011.

The decision, which will come into effect from June 1, 2011, will reduce the compliance burden on small taxpayers, it added.

Salaried taxpayers who do not have other sources of income and whose incomes are subject to Tax Deduction at Source (TDS) will be excluded from filing returns.

"Therefore, in cases where there is no other source of income, filing of a return is duplication of existing information," the Memorandum said

PTI News
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Airtel Digital HD Recorder / Kerala Vision Digital TV
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#3
(02-28-2011, 06:09 PM)nairrk Wrote: No filing of tax returns if salary is only incomeTongueranab
In a big relief from cumbersome tax filing process for the salaried class, Finance Minister Pranab Mukherjee today proposed to exempt them from filing tax returns unless they have other sources of income.

Thats a good news for me and thanks for that Mr. Nair, as you are the first man to inform it :happy::up:
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