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Indian Budget 2010 – Highlights |Income Tax Ready Reckoner

Highlights of 2010-11 budget presented by Finance Minister Pranab Mukherjee in parliament Friday:

– Clean energy cess of Rs.50 per tonne on coal produced in India

– Concessional duty of 4 percent for solar power rickshaw developed by Council of Scientific and Industrial Research

– Concessional customs duty of 5 percent for cable TV operators for importing equipment

– Toys fully exempt from central excise duty

– Service sector tax retained at 10 percent to aid the introduction of GST; more services to be taxed

– Accredited news agencies exempt from service tax

– Net revenue gain Rs.22,500 crore

– Taxes on large cars and SUVs increased 2 percent to 22 percent

– Basic duty of 5 percent on crude oil restored

– Tax on cigarettes, cigars and chewing tobacco increased

– Rs. 26,000 crore revenue loss due to reduction of direct taxes

– Partial roll back of reduction in central excise duty Continue reading Indian Budget 2010 – Highlights |Income Tax Ready Reckoner