TMI BlogVarious press release after Budget Speech - 2011-2012X X X X Extracts X X X X X X X X Extracts X X X X ..... Various press release after Budget Speech - 2011-2012 - News and Press Release Dated:- 28-2-2011 - News - Recommendations of Technology advisory Group for Unique Projects (TAGUP) Accepted in Principle Quality of Governance to be improved through Performance Monitoring and Evaluation System (PMES); 62 Departments already Covered GOM Constituted to Consider Measures for tackling Corruption; Recommendations to be made in a time Bound Manner IT Initiatives: New Simplified form Sugam to be introduced for small tax Payers Steps to Roll Back Fiscal Stimulus to Continue IT Initiatives: Mission mode Projects to help States to align with the Roll out of GST; funds Released for 31 Such Project ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Process of Tax Reforms to be Expedited IT Initiatives: E-Filing and E-Payment of Taxes, Web-based facility for tax Payers to track Resolution of Refunds - CBDT to Set up Eight more Aaykar Seva Kendras in 2011-12 Excise Duty Concessions to Factory Built Ambulances - Relief for Lactose For Manufacturing of Homoeopathic Medicines - Proposals Relating to Customs and Central Excise Estimated to Result in a Net Revenue Gain of Rs.7300 Crore UID Mission: 10 Lakh Aadhaar Numbers to be Generated Every DAY 10% Excise Duty Concession to Vehicles Based on Fuel Cell Technology Basic Customs Duty on Solar Lantern Reduced to 5% Service Tax Imposed on all Services Provided by Centrally Air Cond ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itioned Hospitals with 25 or more BEDS Service Tax on Air Travel Raised Five-Fold Strategy to Deal With Black Money National Food Security bill to be Introduced this Year - Social Sector Receives 36.4 Per Cent of the Total Plan Allocation - Government is Continuing its Focus on Inclusive Development Customs Modernisation Self-Assessment to be Introduced Jodhpur to be Included for Development of Handicraft Mega Cluster National Mission to be Launched for Hybrid And Electric Vehicles - Manufacturing Sector Share in GDP Expected to Reach 25% in Ten Years Specific Allocations to be Earmarked towards SC Sub-Plan and ST Sub-Plan - Allocation for Primitive Tribal Groups Increased - A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... New Pre-Matric Scholarship Scheme for SC/ST Students Announced RS.2,14,000 Crore Allocated for Infrastructure Sector - Rs.30,000 Crore Tax Free Bonds to be Issued - Iifcl to Achieve Disbursement Target of Rs. 25,000 Crore by 2012 Enhanced wage Rates under MGNREGA All 1,500 institutes of Higher Learning Research to be Linked with National Knowledge Network by March, 2012 New Initiative on Vegetable Clusters for Farmers Rs.52,057 Crores Allocated for Education - 40 Per Cent higher allocation in Sarva Shiksha Abhiyan - Revised Vocationalisation of Secondary Education to be Implemented Allocation Under Rashtriya Krishi Vikas Yojana Increased From Rs. 6,755 Crore to 7,860 Crore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bharat Nirman Allocation increased by Rs.10,000 Crores - Rural Broadband Connectivity to all 2.5 Lakh Panchayats Planned in three Year Remuneration of Anganwadi Workers and Helpers of I.C.D.S Increased - 22 Lakh Persons to Benefit from the Increase Credit Flow to Farmers Raised to Rs. 4,75,000 Crore RS 300 Crore Each Allocated for Two New Initiatives for Farmers Relief from audit to Service tax Payers Boost to Housing Sector Finance Union Budget Provides higher incentives for Micro, Small and Medium Enterprises RS 300 Crore Allocated for Promoting Higher Production of Multi-Cereals in About 25000 Villages Corpus of RIDF to be Raised to Rs.18000 Crore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Integrated Development of 60,000 Pulses Villages in Rainfed Areas 130 items Brought under Tax Net with Nominal one Per Cent Excise Duty - Mandatory 10 Per Cent Levy Replaces Optional Levy for Readymade Garments RS. 300 Crore Allocated for Promotion of Palm Oil Investment Linked Deduction Extended to Fertilizer Sector - SPV Allowed for Foreign Funds in Infrastructure with full Tax Exemption - Tax on Dividends From Foreign Subsidiary Lowered to 15 Per Cent Bringing Green Revolution to Eastern Region Special Allocation of Rs. 200 Crore for Cleaning Important Lakes and Rivers Surcharge on Corporates Lowered to 5 Per Cent - Mat Increased Marginally : SEZ Developers Brought under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... MAT Rs.200 Crore Allocated for Launching Environmental Pollution Remediation Programmes Exemption Limit for Individual Tax Payers Raised to Rs.1,80,000 - Qualifying age for Senior Citizens Lowered to 60 Years - Senior Citizens above 80 Years to Get Exemption upto Rs. 5,00,000 Target of Providing Banking Facilities to 73,000 Habitations of Over 2000 Population to be Met During 2011-12 Exit Norms of the Pension Scheme Swavalamban Will be Relaxed Measures to Provide Level Playing Field for Domestic Industry - Major Relief Announced for Cement Industry - Unified 20 Per Cent AD-Valorem for all Types of IRON ORE Eligibility for Pension Under Indira Gandhi National Old Age Pension Sche ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... me to be Reduced to 60 Years - Hike in Pension for Those Who are 80 Years Old Allocation for Health Sector Increased by 20 Per Cent for the Year 2011-12 Scope of Exemptions Enlarged to Improve Storage of Agricultural Produce - Basic Duty on Specified Agri-Machinery Reduced to 2.5 Per Cent Rashtriya Swasthya Bima Yojana Will be Extended to Workers in Hazardous Mining and Associated Industries International Award Worth Rs. one Crore Instituted in the Memory of Gurudev Rabindranath Tagore RS. 500 Crore Allocated to the National Skill Development Fund Special Grants to Universities and Academic Institutions Service Tax Provisions to be Rationalised - Rs. 4000 Crore Net Reve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nue Gain Through Service Tax Envisaged in 2011-12 New Service Tax Structure a Step Closure Towards Proposed GST - Service Tax Regime on Hotel Accommodation, Restaurant Services Restructured Financial Sector Legislative Reforms Commission Set up Companies Bill to be Introduced in the Ongoing Session Focus on Regional Rural Banks and Micro Finance Institutions as Means Financial Inclusion - Union Budget Proposes Creation of Women s Shg s Development Fund and Indian Microfinance Equity Fund Slew of Financial Sector Legislative Reforms Proposed New Guidelines for Banking Licenses to be Out in the Current Financial Year FDI Would be More User Friendly, Fiis Limit For Investment in Corporate B ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onds Raised to US $40 Billion Foreign Investment Policy to be Further Liberalized,Says Pranab Mukherjee Union Budget 2011-12 Summary Union Budget 2011-12 Highlights - News - Press release - PIB Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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