Budget2009-10

To start my first HR blog, what else can be more better tehn to have glimpse of Budget2009-10...
Not indulging anyone in biwig theories and attachments, here is some important highlights:

• Govt plans to bring back economy to high growth of 9% whereas GDP growth dipped to 6.7% in FY'09
• Fiscal deficit up from 2.7% to 6.8% of GDP
• Return to fiscal prudence at the earliest - 'Aam admi' is focus of all programmes and schemes
• Filing of IT returns to be made simpler
• The personal income tax exemption limit raised {Rs.15,000 from Rs.2.25 lakh to Rs.2.40 lakh for senior citizens, Rs.10,000 from Rs.1.80 lakh to Rs.1.90 lakh for women tax & Rs.10,000 from Rs.1.50 lakh to Rs.1.60 lakh for all other categories of individual taxpayers}
• The deduction under section 80-DD in respect of maintenance, including medical treatment, of a dependent who is a person with severe disability raised to Rs.1 lakh from the present limit of Rs.75K.
• 10% surcharge on personal income tax scrapped
• Fringe Benefit Tax abolished
• No change in corporate tax
• Customs, excise and service tax base rates unchanged
• Commodity Transaction Tax abolished
• New pension system trust exempted from STT & DDT
• Minimum Alternate Tax hiked to 15% from 10%
• Tax holiday on petro sector extended to natural gas
• Banks and insurance firms to remain in public sector
• Export Credit Guarantee scheme extended till March 2010 * 2% interest subvention (IS) scheme extended till March 2010
• Allocation for market development assistance scheme up 148% for Rural Health Mission raised by Rs 257 cr above interim budget
• Full interest subsidy for students in select institutions applying for aboard studies
• Modernization of national employment exchanges
• Action for social security to unorganized sector workers
• New pension benefits for 12 lakh jawans and JCOs from July'09
• One lakh dwelling units for paramilitary forces personnel
• Unique Identification Card to citizens in 12-18 months (Programme headed by Naden Ex; Infosys Co-Chairman}
• Defence gets Rs 1,41,703 cr, up 34%
• Assistance for storm-water drainage project up by Rs 300 cr
• Interest rates incentive to farmers to repay loans on time
• IS scheme to cover 7 job-oriented sectors, including textile, handicrafts and handlooms.
• 100% tax deduction on political donation * Stimulus for print media for another six months * Fertiliser subsidy to be nutrient-based, not price
• Expert Group to form viable pricing for imported petro goods
• Rs 100 cr one-time grant to expand banks in unbanked areas
• Govt committed to provide Rs 100 a day as wages under NREGA
• Work National Food Security scheme has begun
• Allocation for Bharat Nirman being raised by 45 per cent
• Rs 2,000 cr rural housing fund under National Housing Bank
• Mission for female literacy with focus on minorities, SC/ST * 50% of all rural women to be brought into SHG programmes
• Total Budget expenditure crosses Rs 10 lakh cr for first time