Tags: BNY , Budget 2009-10 , New Delhi , Pranab

New Delhi: Presenting general budge 2009-10, Union Finance Minister Pranab Mukherjee today announced that Rs 31, 280 crore will be allocated for Bharat Nirman Yojana (BNY).

Giving new hopes to youth, FM announced that 1.20 crore jobs will be created. He said that farmers will get loan at an interest rate of six pc. Other announcements are as follows:

-Full interest subsidy for students taking courses in approved institutions. Five lakh students to benefit.
-Modernisation of national employment exchanges to be carried out.
-Action initiated to provide social security to non-organised sector workers
-Allocation for National Rural Health Mission to be raised by Rs 257 crore over and above the outlay in the interim budget
-First Unique Identification Card to citizens to roll out in 12-18 months. I propose provision of Rs 120 crore for the project, says the Finance Minister.
-National Ganga Project, Government proposes to increase
-Rashtriya Mahila Kosh corpus to be raised from Rs 100 crore to Rs 500 crore.
-Rs 2,000 crore for rural housing fund under National Housing Bank.
- Rice, wheat at Rs 3 per kg to the poor
-Incentives in interest rates to farmers to pay back agriculture loans in time
-Fiscal deficit grew from 2.7 per cent to 6.8 per cent of GDP, says the Finance Minister.
-Proposal to incentivise business. I propose to start Investment linked tax benefits in areas of agriculture and national grid, says Mukherjee.
-Presumptive Taxation of 8 per cent on businesses of turnover of up to Rs 40 lakh.
-Small businesses up to Rs 40 lakh turnover exempted from filing advance tax returns.
-Income tax incentives on education loans expanded to cover vocational studies after schooling.
-100 per cent tax deduction for donations for electoral funds to improve transparency in political funding.
-New pension system trust exempted from security transaction tax and dividend distribution tax.
-Minimum Alternate Tax on book profits increased to 15 per cent from 10 per cent.
-Govt to introduce Food Security Bill soon
-Ten per cent surcharge on personal income tax removed.
-Govt plans to bring back economy to high growth of 9%
- GDP growth dipped to 6.7% in FY'09
- FM to make pre-budget talks with state FMs annual affair
- 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
- IT exemption limit raised; Rs 15,000 (rpt) 15,000 for Sr.citizens
- Limit raised by Rs 10,000 for tax payers, including women
- 10% surcharge on personal income tax scrapped
- Fringe Benefit Tax abolished
- No change in corporate tax
- Defence gets Rs 1,41,703 cr, up 34%
- Total fiscal stimulus in 2008-09 amounts to Rs 1,86,000 cr
- IIFCL to evolve mechanism for increased funding of infra
- IIFCL to re-finance commercial
-Personal income tax exemption limit for senior citizens raised by Rs 15,000.
-Effort is to improve tax collection by eliminating distortions in tax system and expanding the base.
-Direct Tax code to be released in 45 days along with discussion paper.
-Fiscal deficit in 2009-10 is proposed at 6.8 per cent of GDP.
-New pension benefits for 12 lakh jawans and Junior Commissioned Officers from July.
-Women to get tax exemption upto Rs 1.90 lakh, others upto 1.60 lakh

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