The Union Cabinet decided to recommend the date of the Budget Session and the schedule to the President Pratibha Patil.

The first session of the Union Budget for the newly Constituted Parliament has been presented to the Lok Sabha on 6th July 2009 by Finance Minister Pranab Mukherjee.

The expectations from the Indian Public about the Union Budget 2009-2010.

Finance Minister Pranab Mukherjee presented his Budget on this day 6th July 2009 at 12 Noon.

Here are the Highlights:

• IT returns to be simpler.
• Banks and Insurance firms to be remain with the Government. (Public Sector).
• Full Interest Subsidy for students taking courses in approved Institutions.
• Modernisation of national Employmet Exchange.
• One Rank one pension for Ex-servicemen.
• Hike in Allocation for Minorities Ministry.
  
• New Pension benefits for 12 Lakh Jawans and Juinor Commissioned Officers from July.
• One lakh dwelling units for paramilitary forces personnel to be constructed.
• Rs.2,113 crore allocated for IITs and new IITs.
• Allocation for Commonwealth games increased to Rs.3472 crore from Rs.2112 crores.
• Budget expenditure crosse Rs. 10 lakh crore for the first time.
• Rs. 1000 crore for constructing infrastructure damaged by :AILA: Cyclone storm in West Bengal.
• Rs.500 Crore fro Rehabiliation of Internally displaced Tamils in Srilanka.
• Fiscal Deficit seen at 6.8 percent at GDP.

Finance Minister Pranab Mukherjee presented abou the Direct Taxes. here are the highlights.

• No change in Corporate Tax.
• Income Tax limits Exempt limit increased from Rs. 2.25 lacs to Rs. 2.40 lacs for Senior Citizens.
• Income Tax limits Exempt limit increased from Rs. 1.80 lacs to Rs. 1.90 lacs for Female employees.
• Income Tax limits Exempt limit increased from Rs. 1.50 lacs to Rs. 1.60lacs for Others.
• No surcharge on Income Tax phased out.
• Fringe Benefit Tax abolished.
• Commodities Transaction tax abolished.
• Securities transaction Tax abolished.
• Direct Tax code to be released in 45 days.
• GST is to come into force from 01.04.2010
• Ten percent surcharge on Personal Income tax removed.
• 100% Tax Exemption for donation to Electoral.
• Small Business upto Rs. 40 lacs turnover exempted from filing Advance Tax returns.
• Customs duty on LCD Panels reduced from 10% to 5%.
• Customs duty to be reduced for Life Saving Drugs.
• Custom duty for Gold and Silver Import increased.