Union 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.

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.

The Union budget has several positive aspects to it such as the changes in the tax slabs, social security and investment in infrastructure. Revision of existing income tax slabs has been welcomed by most Indians. This feel-good sentiment continues with other initiatives that were announced in the Union budget 2010 such as the green incentives, women’s development and the allocation of housing scheme for urban slum dwellers

The Union Budget 2010 has offered a mixed bag of goodies for different sectors.  Let's take a look at some of them as given below:

Agriculture

Revival of the farm sector has been given importance. A taskforce formed to look at debt waiver for farmers in Maharashtra, the state which has the higher number of farmer suicides in the country. Subsidized schemes on crop loans to continue combined with extension for repayment of debt.

On February 26, 2010, the entire Indian subcontinent was eager to watch the Indian Finance Minister, Mr. Pranab Mukherjee, present the Union Budget 2010-2011. Everyone has been praying for the budget to be a balanced bag and questions about what will be hiked were bubbling in everyone’s minds! Will the minister sense the public needs and offer them what they want? Well, as the finance budget is before us now, let us have a look at its provisions.