Tvm: The Union Budget for 2010-2011 presented today by the Union Finance Minister Shri Pranab Mukherjee is being termed as the budget for the common man. We at Kerala IT News would try to explain in this article the impact of this budget exercise on you.
What becomes costly?
▪ Petrol and Diesel: Petrol prices have been hiked by Rs.2.67 per litre and diesel by Rs.2.58 per litre (in New Delhi), with effect from tonight
▪ Cars: Excise duty on large cars, multi-utility vehicles increased by 2%
▪ Tobacco and Tobacco products
▪ AC and TV
What becomes cheap?
▪ Mobiles and Mobile accessories
▪ Microwave oven
▪ Jewellery, watches
▪ Refrigerators
▪ LED Lights
▪ Toys, CDs
▪ Medical Equipments
Personal Income Tax
▪ No change in the tax rates but slabs have been expanded
Upto Rs.1,60,000: nil
Rs.1,60,000 - Rs.5,00,000: 10%
Rs.5,00,001 - Rs.8,00,000: 20%
Rs.8,00,001 and above: 30%
▪ Concessions applicable for Women and Senior Citizens, as announced in the last budget
▪ Additional rebate of Rs.20,000 if invested in long term Infrastructure Bonds, over and above the existing deduction of Rs.1 lakh under 80C
For the IT Industry
▪ Service tax refund simplified
▪ Excise duty exemptions on specific IT products withdrawn
Kerala IT News
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