India Budget 2009-10 (Direct Taxes)
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India's current finance minister Mr. Pranab Mukherjee, presented the 2009-2010 budget for India on July 6, 2009. Presenting a budget at a time when the world is struggling with recession and unemployment was a tough job. India has targets such as 9% GDP growth rate, all round development and to improve the working mechanism of the government.
India's GDP growth rate has dropped from 9 per cent in the previous three fiscal years to 6.7 per cent during 2008-09. There have been dramatic changes in the whole sale price index that rose to around 13% in August, 2008 and again fallen to zero% in March, 2009. The structure of India's economy changed over the last decade.
Mr. Pranab Mukherjee has done his best to prepare the 2009-2010 budget for India.
Here is an overview and explanation of India Budget 2009-2010 (Direct Taxes).
Direct Taxes
- SARAL - II forms to be introduced early.
- No changes made in the Corporate Tax rates.
- Exemption limit in personal income tax raised by Rs.15,000 from Rs.2.25 lakh to Rs.2.40 lakh for senior citizens; by Rs.10,000 from Rs.1.80 lakh to Rs.1.90 lakh for women tax payers; and by Rs.10,000 from Rs.1.50 lakh to Rs.1.60 lakh for all other categories of individual taxpayers.
- Deduction under section 80-DD in respect of maintenance, including medical treatment, of a dependent who is a person with severe disability being raised from the present limit of Rs.75,000 to Rs.1 lakh.
- Surcharge on various direct taxes to be phased out; in the first instance, by eliminating the surcharge of 10 percent on personal income-tax.
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