Budget: Income Tax limit raised by Rs 10,000

Finance Minister Pranab Mukherjee on Monday presented a Budget that affirmed the Government's commitment to social welfare programmes and set a growth target of nine per cent for the economy.

Mukherjee on Monday proposed to increase the income tax exemption limit for senior citizens by Rs15,000, for women and others by Rs10,000 each, while keeping the corporate tax rate unchanged.

The exemption limit will now be Rs 2,40,000 for senior citizens, Rs1,90,000 for women and Rs1,60,000 for others.

Following highlights of Budget 2009-10.

Budget speech highlights:

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 IT exemption limit raised; Rs 50,000 for senior citizens.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Limit raised by Rs 10,000 for tax payers, including women

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 10 per cent surcharge on personal income tax scrapped

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Fringe Benefit Tax abolished

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 No change in corporate tax

u00a0u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Commodity Transaction Tax abolished

u00a0u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0u00a0 Defence gets Rs 1,41,703 crore for 2009-10, a 34 per cent hike from 2008-09 budgetary allocation of Rs 1,05,600 crore.

u00a0u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Fiscal deficit in 2009-10 is proposed at 6.8 per cent of GDP.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Plan expenditure, for both Centre and states, to go up by Rs 61,000 crore over the Interim Budget.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Total Budget expenditure for 2009-10 will Rs 10,28,032 crore, crossing Rs 10 lakh crore mark for the first time since Independence.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 First Unique Identification Card to citizens to roll out in 12-18 months, provision of Rs 120 crore for the project.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Allocation of Rs 2,113 crore for IITs and NITs.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Higher education allocation increased by Rs 2,000 crore.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Rs 827 crore each allocated to set up Central Universities in states where there are Central University.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 One rank, one pension scheme for ex-servicemen approved

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 New pension benefits for 12 lakh jawans and Junior Commissioned Officers from July.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Modernisation of national employment exchanges to be carried out.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Allocation for National Rural Health Mission to be raised by Rs 257 crore over and above the outlay in the Interim Budget.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Action initiated to provide social security to unorganised sector workers.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 National Mission for Female Literacy with emphasis on minorities, Scheduled Castes and Scheduled Tribes to be launched. Fifty per cent of all rural women to be brought into self-help group programmes.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Full interest subsidy for students taking up courses in approved institutions. Five lakh students to benefit.

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 State-owned banks and insurance firms to remain in public sector

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Work on National Food Security scheme for providing food at cheaper rates to the poor has begun

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Increase allocation for Prime Minister Gram Sadak Yojana by 59 pc

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Allocation of Rs 39,100 crore for NREGA for 2009-10

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Govt to provide real wage of Rs 100 per day under NREGA

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 IT Return forms to be made simple and user friendly<

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Allocation for national highways development stepped up by 23 pc

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Allocation for schemes for the urban poor to be raised to Rs.39,730 cr in 2009-10

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 75 per cent increase for Accelerated Irrigation Programme

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Extension of stimulus package for print media to be extended till December 2009

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Indian Infrastructure Financial Corporation Limited (IIFCL) to evolve financing mechanism for giving increased support to infrastructure projects

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Target for agriculture credit raised to Rs 3,25,000 cr in 2009-10 from Rs 2,87,000 cr

u00a0u00a0u00a0 ' u00a0u00a0u00a0u00a0 Enhancing allocation from Rs 200 crore to Rs 500 crore for flood management project in Mumbai

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Funds for Jawaharlal Nehru Urban Renewal Mission increased by 87 pc to Rs 12,887 cr

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Funds for housing for urban poor to be raised to Rs 3,973 crore

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Pranab forecasts GDP growth at 6.7 per cent for 2008-09

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Growth rate in 2008-09 dipped to 6.7 pc from average 9 pc growth

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Govt says its will broaden the agenda for inclusive development

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Significant inflow of foreign capital is important

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Govt moving towards providing energy security and integrated energy policy

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Single Budget cannot solve all our problems. It is a means to share the vision of the government with all

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Fiscal deficit grew from 2.7 per cent to 6.8 per cent of GDP

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Total fiscal stimulus during 2008-09 amounts to Rs 1,86,000 crore

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Govt plans to return economy to high GDP growth rate of 9 pc

u00a0u00a0u00a0 'u00a0u00a0u00a0u00a0u00a0 Trade in goods and services doubled to 47 per cent in 2008-09