Sirish Kaza

India has weathered the slowdown and is back on track for growth, targeting double-digit GDP increases, according to Indian finance minister Pranab Mukherjee, who presented the country's much-awaited federal budget for the fiscal year 2010-2011 in Parliament Friday. The rebounding economy has set the stage for a calibrated withdrawal of the stimulus measures introduced when it was faltering. Signaling that putting the fiscal house in order is among the government's top priorities, Mukherjee said, "We need to review the stimulus and move back towards fiscal consolidation." Spelling out the timeline and targets for the process, he said that the government is committed to reining in the country's ballooning fiscal deficit, which stands at an estimated 6.9% of GDP. It will be reduced to 5.5% in the next fiscal year, reaching a more prudent level of 4.1% of GDP by 2013. "Nobody was expecting a big-bang budget," said Manisha Girotra, chief executive of ...

Highlights of Budget 2010 FM prunes tax rates: Income up to Rs 1.6 lakh - nil Income above Rs 1.6 lakh and up to Rs 5 lakh - 10 per cent Income above Rs 5 lakh and up to Rs 8 lakh - 20 per cent Income above Rs 8 lakh - 30 per cent. 1. Income Tax department ready with two-page Saral-2 return forms for individual salaried assesses. 2. New tax rates would offer relief to 60 per cent of tax-payers. 3. Surchage on Corporates revised to 7.5% From existing 10% 4. Mat increased to 18% from 15% 5. Excise revised to 10% from 8%. 6. 20000 additional deduction on infrastructure bonds. 7. Tax Audit for professionals limit revised to 15 Lac from 10 lac. 8. Petrol Diesel Price go up by re. 1. 10. Government's net borrowing to be Rs 3,45,010 crore for 2010-11. 11. Additional deduction of Rs 20,000 allowed on long term infrastructure bonds for income tax payers; this is above Rs one lakh on saving instruments allowed already. 12. A unique identity symbol would be provi...