Budget 2010

The most significant revision in the Union Budget 2010 with respect to corporate tax is the reduction of surcharge from 10% to 7.5%. This will enable domestic companies to benefit from lower tax burden. Additionally, the revenue threshold for tax audit of businessmen has been raised from Rs.40 lakh to Rs. 60 lakh, enabling further empowerment of businesses and businessmen in India.

Economic development has been one of the key focus areas of the Union Budget 2010, presented by Finance Minister, Pranab Mukherjee. A critical challenge addressed by the FM is reverting to a GDP of 9% within the year, and paving way to cross over the ‘double digit growth barrier.’ Curbing inflation is another important area of concern mentioned in the budget, with food inflation crossing the double digit in the latter half of 2009-1010. 

The revised Union Budget was announced by the Finance Minister, Pranab Mukherjee at the end of February, 2010. The budget has bought with it several reasons to celebrate as well as lament. While the budget, like the previous ones, is aimed at empowering the ‘aam admi’ (common man), its outcome on the average individual’s pocket is debatable.

On February 24, 2010, the minister for railways, Mamata Banerjee presented the Railway India Budget 2010-11, amid soaring expectations.