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Budget Highlights | Union Budget 2011 – 2012

Key Features of Budget 2011-2012 :-


OPPORTUNITIES

*Fiscal consolidation targets at Centre and States have shown positive effect on
macro economic management of the economy.
*Amendment to Centre’s FRBM Act, 2003 laying down the fiscal road map for
the next five years to be introduced in the course of the year.
*Proposal to introduce the Public Debt Management Agency of India Bill in the
next financial year.

Tax Reforms
*Direct Taxes Code (DTC) to be finalised for enactment during 2011-12. DTC
proposed to be effective from April 1, 2012.
*Areas of divergence with States on proposed Goods and Services Tax (GST)
have been narrowed. As a step towards roll out of GST, Constitution Amendment

Bill proposed to be introduced in this session of Parliament.
*Significant progress in establishing GST Network (GSTN), which will serve as
IT infrastructure for introduction of GST.
Expenditure Reforms
*A Committee already set up by Planning Commission to look into the extant
classification of public expenditure between plan, non-plan, revenue and capital.
Subsidies
*Nutrient Based Subsidy (NBS) has improved the availability of fertiliser;
Government actively considering extension of the NBS regime to cover urea.
*Government to move towards direct transfer of cash subsidy to people living
below poverty line in a phased manner for better delivery of kerosene, LPG and
fertilisers. Task force set up to work out the modalities for the proposed system.

People’s ownership of PSUs

*Overwhelming response to public issues of Central Public Sector Undertakings
during current year.
*Higher than anticipated non-tax revenue has led to reschedulement of some
disinvestment issues planned for current year.
*` 40,000 crore to be raised through disinvestment in 2011-12.
*Government committed to retain at least 51 per cent ownership and management
control of the Central Public Sector Undertakings. Continue reading Budget Highlights | Union Budget 2011 – 2012

Union Budget for 2011-12: Increase in IT exemption Limit, lowering of qualifying age for tax relief

The Union Budget for 2011-12 has proposed increase in the Income Tax Exemption Limit by 20,000 rupees and lowering of qualifying age for tax relief for senior citizens from 65 to 60.

Presenting the Budget in the Lok Sabha today, Finance Minister Pranab Mukherjee proposed to increase the Income Tax Exemption Limit for individual tax payers from 1 lakh 60 thousand rupees to 1 lakh 80 thousand. Each individual tax payer will get a tax relief of 2 thousand rupees. Amidst cheers from Members, he announced reduction of qualifying age for senior citizens, and said the exemption limit to them is also proposed to be increased from 2 lakh 40 thousand rupees to 2 lakh 50 thousand. Announcing a new category of very senior citizens of 80 years and above, Mukherjee said that they will be eligible for a higher exemption limit of 5 lakh rupees.
The budget proposes lower five per cent surcharge for corporate sector, 2.5 per cent less than before. But , minimum Alternative Tax is to go up from 18 per cent to 18.5 per cent of book profits. To attract Foreign Funds for Infrastructure Projects, special vehicles to be created in the form of Infrastructure Debt Funds. Interest payments on borrowing from these funds to attract a lower 5 per cent tax from 20 per cent. To promote savings, the additional deduction of 20 thousand rupees for investment in long-term infrastructure bonds extended for one more year. A lower rate of 15 per cent of tax proposed on dividends received by an Indian company from its foreign subsidiary. Announcing liberalisaion of Housing finance, Mukherjee said the interest subvention of one per cent on housing loans extended upto 15 lakh rupees for houses that does not cost more than 25 lakhs. Existing Housing Loam limit will be enhanced to 25 lakh rupees for dwelling units under priority sector lending. Besides, investment-linked deduction will cover housing sector also and extended for agriculture sector.
Turning to Indirect Taxes, the budget proposes no change in the standard 10 per Central Excise Duty or in the Peak Customs Duty but some rationalizations made. The lower rate of duty, however, raised from 4 to 5 per cent.
Announcing the Government’s decision to stay on course towards Goods and Services Tax, Mukherjee proposed 130 more items to be brought in in the tax net with the nominal Excise Duty of one per cent. Basic food and fuel would continue to be exempt from the one per cent duty and in the case of jewellery and articles of gold, silver and precious metals, the levy will apply only to goods sold under a brand name. The optional levy of 10 per cent on readymade garments will be mandatory for branded garments. Continue reading Union Budget for 2011-12: Increase in IT exemption Limit, lowering of qualifying age for tax relief

New trains proposed in Indian Railway Budge | 2011-12 | Highlights

Following is the list of 56 new express trains proposed to be introduced in Rail Budget 2011:

1. Raebareli-Jaunpur Express (daily)

2. Tirupati-Amravati Express (bi-weekly) via Akola, Nizamabad, Gooty, Dharmavaram

3. Asansol-Gorakhpur Express (weekly) via Chhapra, Siwan

4. Nagpur-Kolhapur Express (bi-weekly) via Kurduwadi, Lathur road, Purna, Akola

5. Malda Town-Digha Express (weekly) via Rampurhat

6. Pune-Nanded Express (weekly) via Latur

7. Visakhapatnam-Koraput Intercity Express (5 days a week) via Vizianagram

8. Howrah-Secunderabad Express (weekly) via Kharagpur

9. Mumbai-Chandigarh Express (weekly) via Phulera-Ringus-Gurgaon-Kurukshetra

10. Bardhaman-Rampurhat Express (tri-weekly)

11. Bikaner-Delhi Superfast Intercity (daily) via Ratangarh

12. Hyderabad-Darbhanga Express (weekly) via Muri-Jharsuguda-Nagpur

13. Howrah-Tirupati Express (weekly)

14. Narsapur-Nagarsol Express (bi-weekly) via Secunderabad, Nizamabad

15. Puri-Shalimar Express (weekly)

16. Ranchi-Pune Express (bi-weekly) via Bilaspur

17. Shalimar-Udaipur Express (weekly) via Katni, Kota

18. Chennai-Shirdi Express (weekly) via Bangalore

19. Coimbatore-Tuticorin Link Express (daily)

20. Howrah-Mysore Express (weekly) via Gondia, Adilabad

21. Yesvantpur-Mysore Express (daily)

22. Digha-Visakhapatnam Express (weekly)

23. Mysore-Chennai Express (weekly) Continue reading New trains proposed in Indian Railway Budge | 2011-12 | Highlights

Highlights of Railway Budget – 2011

Highlights of the railway budget for 2011-12 presented in the Lok Sabha on Friday by railway minister Mamata Banerjee (Download complete speech here -  RailBudget_2011-12):

* No increase in fares.

* Earnings for 2010-11 set to exceed Rs.1 lakh crore.

* Working expenditure during 2011-12 estimated at Rs.87,000 crore.

* Outlay of Rs.57,630 crore for 2011-12, the highest investment in one year.

* Rs.10,000 crore to be raised through railway bonds.

* Budget combines strong economic focus with inclusion.

* Will develop business-oriented policies to aid industry.

* Happy to announce 85 PPP proposals received; set up single-window system to take these forward.

* Decided to set-up rail-based industries.

* Passing through a difficult phase; 97 percent increase in expenditure in 2010-11 due to implementation of Sixth Pay Commission report.

* Loss of Rs.3,500 crore in 2010-11.

* Ten-year backlog of 1.75 lakh jobs being addressed; 16,000 ex-servicemen to be given jobs in railways.

* Safety first priority; accident rate has come down.

* Anti-collision device, successful in North West Frontier Railway, to be extended to three more zonal railways. Continue reading Highlights of Railway Budget – 2011

National Anomaly Committee meeting | Outcome & Feedback by AIRF

National Anomaly Committee meeting – Decisions & Discussions

The third meeting of the National Anomaly Committee was held on 15/02/2011. The following items were taken up for discussion. No final decision on any item could be arrived at. It was more or less an exercise to understand the points of view of both sides on these items. We shall in our next communication indicate the outcome of discussion on each item.

Item Nos. 11, 12&13, 14, 20, 28,29&30, 31,37, 38,39, 40, 41, 43, 44, 45, 46, 49, 50 and 51.

During the discussion the Staff brought to the notice of the official side that the issues pertaining to the employees of Andaman and Nicobar islands, which were taken out of the agenda on the plea that the same would be discussed separately by a Committee to be set up by the Andaman Administration have not been settled. The NGO Association of A & N Islands have brought to the notice of the staff side that the A & N Administration has not taken any steps to resolve the problems even though similar issues pertaining to the employees of Pondicherry and Delhi were settled. The Official side has promised to take up the issue with the concerned in the Home Ministry to ensure that the issues are addressed expeditiously.

The official side has in the Action Taken State has indicated their inability to concede the demand raised by the Staff Side on the following two issues.

(a) Grant of increment in the case of employees whose increment falls between Feb and June. 2006.

(b) Fixing the pay of the promotees on par with the Direct recruits.

Though these issues were not discussed, the Staff Side has said that a resolution to them are urgently needed .

The official side has requested the Staff Side to indicate the items on which further discussions are needed; further details are required; and alternative suggestions could be made within 10 days so that the next and final meeting of the Committee could be convened before 31st March, 2011. It was also decided that the sub-committee of the MACP related issued will meet once again and their report submitted to the NAC .

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Feedback on the 3rd meeting of the National Anomaly Committee – AIRF

3rd meeting of the National Anomaly Committee was held yesterday, i.e. on 15th February, 2011 under the chairmanship of Secretary(P), DoPT(Government of India), wherein the following deliberations were made.

Though we know that no substantial relief has been given, but we hope for some outcome in the meetings likely to be held in future.

Two issues which are very important from our point of view – one is increment from January for those who falls between February and June was virtually rejected by the Ministry of Finance(Expenditure) but yesterday we again raised this issue, and after prolonged discussions, the Secretary, DoP&T had agreed to review the matter. An indication has also been given that if Staff Side agrees for one time exemption, then the issue can be resolved. Continue reading National Anomaly Committee meeting | Outcome & Feedback by AIRF

List of TV channels showing ICC cricket world cup 2011

The list of 2011 world cup media partners is given below:

India

In India, ESPN Star Sports, Star Cricket, and DD National will telecast the world cup matches. The first two channels will telecast all the matches but DD National will telecast mostly the Indian matches.

Sri Lanka

Sri Lanka Rupavahini Corporation will telecast the matches in Sri Lanka.

Bangladesh

Bangladesh Television will telecast the 2011 world cup matches in Bangladesh.

Australia

Nine Network and Fox Sports will telecast the world cup matches in different parts in Australia.

West Indies

Caribbean Media Corporation will telecast the list matches in West Indies.

New Zealand

New Zealand cricket viewers will watch the live world cup matches in Sky Sport channel.

Pakistan

GEO Super Pakistan Television Corporation will telecast the matches in Pakistan.

Continue reading List of TV channels showing ICC cricket world cup 2011

Send Handwritten letters electronically – ePost| Indian post

With the introduction of the ePost (e-mail Home Delivery Application) Service by the Department of Posts, it is possible to send your letters electronically even if the receiver does not have access to Internet/email. ePost is a unique service under which printed or even handwritten messages of customers are scanned and

Continue reading Send Handwritten letters electronically – ePost| Indian post

Find Out Vacancies/ Employment Opportunities in Various Organisations/ Divisions/ Bodies/ Boards Under Ministry of Agriculture

Continue reading Find Out Vacancies/ Employment Opportunities in Various Organisations/ Divisions/ Bodies/ Boards Under Ministry of Agriculture

Identity Proof for Tatkal Tickets Mandatory from 11th February 2011 | Indian Railways

With a view to streamline and make the Tatkal Scheme complaint free, the requirement of Identity Proof during travel for tickets booked under Tatkal Scheme has been introduced with effect from 11th February, 2011.As per the new rule, passengers holding Tatkal tickets are required to carry any one of the following

Continue reading Identity Proof for Tatkal Tickets Mandatory from 11th February 2011 | Indian Railways

Holi special trains – 2011 | Part 1

In order to clear extra rush of passengers during festival season, Indian Railways has decided to extend/start the run of the special trains.

New Anand Vihar Railway Terminal (The most physically challenged passenger friendly railway station)

A number of Holi special trains were started to originate from Anand Vihar Terminal.

Continue reading Holi special trains – 2011 | Part 1