Where The Rupee Comes From -Goes

Highlights.

• 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.
• Income Tax department ready with Saral-2 return forms for individual salaried assesses.
• New tax rates would offer relief to 60 per cent of tax-payers
• Governments net borrowing to be Rs 34 5010 Cr 2010-11
• Plan to raise Rs 40,000 Cr by sale of PSU
• Fiscal deficit seen at 4.8 per cent and 4.1 per cent in 2011-12 and 2012-13 respectively.
• Total expenditure pegged at Rs 11.8 lakh crore, an increase of 8.6 per cent.
• Gross tax receipts pegged at Rs 7,46,656 crore for 2010-11, non-tax revenues at Rs 1,48,118 crore.
• Fiscal deficit pegged at 6.9 per cent in 2009-10 as against 7.8 per cent in the previous fiscal.
• Finance Minister to continue giving cash subsidy for fuel and fertiliser instead of previous practice of bonds.
• Non-plan expenditure pegged at Rs 37,392 crore and Plan expenditure at Rs 7,35,657 crore in budget estimates. 15 per cent increase in plan expenditure and six per cent in non-plan expenditure.
• Handloom production is dependent on private money lending to the tune of Rs.35,000 crores, and pays interests between 18 to 24 percent. Handloom sector gets a paltry budget allocation of Rs.328 crores.

 Pranab Mukherjee
"Recovery is still driven by stimulus spending and is not completely broad-based. Keeping the incomplete recovery in mind, the objective is to keep the stimulus until we can see the fruits of economic growth spread across sectors," Mukherjee said at an event of the Confederation of Indian Industry.
Sonia Gandhi:
"We have many essential social obligations and to meet them it is necessary to raise resources. I congratulate the finance minister for a fine and delicate balancing act, which has been widely welcomed," Gandhi told the Congress Parliamentary Party meeting. Gandhi made no mention of fuel prices or the Opposition demand for its rollback in her address.

Mukherjee said the budget  2011:
Total expenditure of Rs.11,08,749 crore.
The Plan expenditure are estimated at Rs.373,092 crore
The Non Plan expenditures are  Rs.7,35,657 crore respectively.
The Plan expenditure rose by 15%, while there is only 6% increase in non-Plan expenditure.
The actual net market borrowing of the government in 2010-11 is estimated at Rs.3,45,010 crore.
Gross tax revenue receipts are budgeted at Rs.7,46,651 crore, while non-tax revenue receipts estimated at Rs.1,48,118 crore.
The fiscal deficit as a percentage of GDP is projected at 5.5%.
The fiscal deficit compared to 7.8% in 2008-09
This fiscal deficit 6.9% as per the revised estimates for 2009-10.
With  this growth, the fiscal deficit in 2010-11 works out to Rs. 3,81,408 crore