Indian Union Budget 2009-10
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Indian union budget 2009-10

Software Engg
  • Service tax levied on law firm
  • Custom duty on gold re-imposed
  • Customs duty to be reduced on drugs for heart treatment
  • No new tax on edible oil imports
  • 4 per cent excise duty on cotton products restored
  • Customs duty on bio-diesel reduced
  • Life saving devices on heart contidion exempted from custom duty
  • Small business exempt from advance tax
  • To maintain overall customs and excise duty structure
  • Tax holiday to natural gas extended
  • Tax slab raised
  • MAT hiked to 15 per cent of book profit
  • Commodity transaction tax abolished
  • New pension scheme
  • Tax holiday for exporters extended untill 2012
  • Personal income tax exemption hiked by Rs 10,000
  • Abolish fringe benefit tax
  • Tax holiday extended for textile units
  • Goods and services tax from April 1, 2010
  • Share of direct taxes has increased to 56 per cent in 2008-09
  • Federal Tax/GDP ratio is 11.5 per cent
  • No surcharge of 10 per cent on personal income tax
  • Increase in exemption slab for senior citizen
  • No change in corporate taxes
  • Hike in IT exemption for women to Rs 1,90,000
  • Govt committed to tax reforms
  • Increase automation in direct tax collection
  • New tax code in 45 days
  • Centralised processing center at Bengalooru to streamline taxation
  • Income tax forms should be user friendly
  • Tax system should be such that it shold encourage voluntary compliance
  • Saral form 2 will be introduced
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